US CFTC Chair Selig names crypto lawyer among new senior advisers

CFTC Chair Michael Selig named two senior advisers, including a crypto lawyer who helped draft a law firm's letter that led to an SEC no-action position on crypto custody.

Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), announced the appointment of two senior advisers, including a lawyer with experience 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.

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