Michael Selig named two people as senior advisers, one of whom helped with a law firm‘s letter that led to an SEC no-action letter on crypto custodians.
Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), announced the appointment of a senior adviser with experience in litigating crypto and blockchain cases.
In a Tuesday notice, Selig said Michael Passalacqua, a former associate at international law firm Simpson Thacher & Bartlett, would join the CFTC as a senior adviser. Selig cited Passalacqua’s experience with “financial regulatory matters involving crypto assets and blockchain technologies.”
“Earlier in his career, [Passalacqua] served as assistant general counsel at a crypto asset capital markets firm where he advised on a range of crypto asset regulatory and transactional matters,” said Selig.
According to Simpson Thacher & Bartlett, Passalacqua helped author a letter that led the US Securities and Exchange Commission to issue a no-action letter clearing state-chartered trust companies to act as crypto custodians. The agency’s Division of Investment Management said in September that it would not recommend filing enforcement actions against advisers using a state trust company as a crypto custodian.
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Selig named Passalacqua and former Treasury Department official Cal Mitchell as senior advisers as the CFTC prepares for an expanded role in crypto regulation. The appointments came as Selig said the commission is working to “future-proof” its regulatory approach, citing pending US Senate legislation that would give the CFTC a “broad set of new responsibilities” over digital asset markets.
Selig’s remarks followed similar statements from SEC Chair Paul Atkins, who said in October the securities regulator would work to “future-proof” US President Donald Trump’s crypto agenda. Some experts have warned that many of the president’s policies, including those on digital assets, could be reversed if Democrats gain control of the Senate or House of Representatives in the 2026 elections.
CFTC chair remains the sole commissioner
Selig, nominated by Trump following the resignation of former acting Chair Caroline Pham, is the agency’s only serving commissioner after an exodus of leadership in 2025. As of Tuesday, Trump had not made any announcements signaling that he planned to nominate other commissioners to fill the CFTC, either Republican or Democrat.
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