SEC Appoints New Chief Counsel For Crypto Task Force

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has appointed Mike Selig as the chief counsel for its newly established Crypto Task Force. Selig, a seasoned crypto lawyer, previously served as a partner at the international law firm Willkie Farr & Gallagher, where he was part of the firm's crypto practice. His career also includes an internship with the Commodity Futures Trading Commission (CFTC). Former CFTC Chairman Chris Giancarlo, known in the industry as "CryptoDad," expressed his congratulations to Selig via a social media post. Giancarlo, who is also a senior counsel at Willkie Farr, praised Selig's appointment, highlighting his past experience as a CFTC intern and partner at the firm. Giancarlo leads the Digital Works practice at Willkie Farr. Selig has been vocal about his views on crypto regulation. In an op-ed for CoinDesk last October, he suggested that the SEC should move away from "regulation by enforcement," a strategy associated with former Chair Gary Gensler. Instead, Selig advocated for a regulatory framework that fosters innovation. Some of his recommendations, such as rescinding the Staff Accounting Bulletin 121 and withdrawing from certain lawsuits, have already been adopted by the new task force. The announcement of Selig's appointment also included the naming of 13 other staff members to the task force. Among them are Landon Zinda, a former policy director at Coin Center, and Veronica Reynolds, a former attorney at Baker Hostetler LLP with expertise in NFTs and metaverse-related legal issues. Both Zinda and Reynolds will serve as senior advisors. Zinda's role was initially announced in February. Commissioner Hester Peirce, who leads the Crypto Task Force, emphasized the team's dedication to addressing complex regulatory challenges in the crypto space. She noted the task force's commitment to collaborating with other SEC staff and engaging with the public to develop practical solutions for the evolving crypto industry.