Introducing the Chief Counsel
The U.S. Securities and Exchange Commission (SEC) has appointed Mike Selig as the chief counsel of its newly established Crypto Task Force. This significant role will see Selig bringing his extensive background in cryptocurrency law to the forefront of the SEC’s regulatory efforts.
A Rich Background in Crypto Law
Before his appointment, Mike Selig was a partner at the prestigious law firm Willkie Farr & Gallagher in New York, where he specialized in cryptocurrency legal matters. His impressive resume includes an internship at the Commodity Futures Trading Commission (CFTC), providing him with a solid foundation in financial regulation and policy.
Support from Industry Leaders
Following the announcement of Selig’s new role, former CFTC Chairman Chris Giancarlo, affectionately known as “CryptoDad” within the industry, publicly congratulated him via a post on social media. Giancarlo, who is now a senior counsel at Willkie Farr and heads the firm’s Digital Works practice, expressed his pride in Selig’s achievements and potential contributions to the task force.
Advocating for Regulatory Change
Selig has been an advocate for reforming the SEC’s approach to cryptocurrency regulation. In an op-ed published last October in CoinDesk, he proposed moving away from the “regulation by enforcement” strategy that characterized the tenure of former Chair Gary Gensler. His recommendations included revoking the contentious Staff Accounting Bulletin 121 and withdrawing from specific lawsuits—many of which have already been adopted by the new Crypto Task Force.
A Diverse and Experienced Team
In addition to Selig, the SEC’s announcement identified 13 other team members who will support the Crypto Task Force. Among them are seasoned professionals from the cryptocurrency sector, including Landon Zinda, the former policy director at the crypto think tank Coin Center, and Veronica Reynolds, who previously focused on NFTs and metaverse-related legal issues at Baker Hostetler LLP. Both Zinda and Reynolds will serve as senior advisors, bringing their unique insights and expertise to the task force.
Commitment to Innovative Solutions
Commissioner Hester Peirce, who leads the Crypto Task Force, emphasized the team’s deep expertise and commitment to identifying effective solutions to complex regulatory challenges in the cryptocurrency space. She stated that the task force aims to collaborate with other talented staff members across the SEC and engage with the public to craft workable regulatory frameworks.
In summary, the SEC’s Crypto Task Force is poised to make significant strides in the realm of cryptocurrency regulation under the leadership of Mike Selig and his accomplished team. With a focus on fostering innovation and collaboration, the task force aims to navigate the complexities of the rapidly evolving digital asset landscape.
