“New York intends to make event contract derivatives waste away under its iron curtain of state gaming laws before the courts get the chance to issue final rulings,” said Chairman Michael S. Selig.

President Donald J. Trump nominated Michael S. Selig to serve as the 16th Chairman of the Commodity Futures Trading Commission (CFTC) on October 27, 2025. The U.S. Senate confirmed him on December 18, 2025, and he was sworn into office on December 22, 2025.

This is the time for crypto projects to enjoy Federal protection.