The US Commodity Futures Trading Commission (CFTC) Chair Michael Selig has appointed Michael Passalacqua, a lawyer with experience in cryptocurrency and blockchain matters, as a senior adviser.
Selig said in a January 20 press release that the agency is adapting its approach to meet growing responsibilities in crypto regulation.
He pointed to pending Senate proposals that could grant the CFTC powers in digital asset markets and said the new appointments are part of efforts to “future-proof” the commission’s framework.
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Passalacqua joins from the global law firm Simpson Thacher & Bartlett, where he worked on financial regulation cases related to crypto assets.
Before that, he served as assistant general counsel at a digital asset capital markets company, advising on compliance and transactions in the crypto industry.
Selig noted that Passalacqua’s legal background fits well with the agency’s expanding priorities. He said, “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”.
During his time at Simpson Thacher & Bartlett, Passalacqua contributed to a letter that prompted the US Securities and Exchange Commission (SEC) to issue a no-action letter. That decision allowed state-chartered trust companies to act as custodians for cryptocurrencies.
Alongside Passalacqua, Selig also appointed Cal Mitchell, formerly with the Treasury Department, as another senior adviser.
Brian Quintenz, once nominated by US President Donald Trump to lead the Commodity Futures Trading Commission (CFTC), recently joined the board of SUI
