Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee because as the US government grinds deeper into shutdown, whispers from the West Wing hint at a strategic crypto move that could quietly redraw the lines of power between the digital asset sector and America’s financial regulators.
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Crypto News of the Day: Shutdown Deepens as White House Edges Toward Surprise Crypto Regulator Pick
The White House is reportedly nearly naming Mike Selig, Chief Counsel on the SEC’s Crypto Task Force, as its nominee to lead the CFTC (Commodity Futures Trading Commission). The move that could reshape US crypto regulation just as Washington teeters on the edge of a record-breaking government shutdown.
Two people familiar with the matter told Crypto In America that Selig remains the top contender to replace contentious and former CFTC Chair Brian Quintenz, with formal vetting underway for additional commissioner roles.
The administration aims to rebuild the five-member CFTC and unify oversight between the SEC and CFTC amid intensifying calls for a cohesive digital asset framework.
Indeed, Selig may understand both sides of the regulatory fence and, with his background spanning both agencies, could finally reduce duplicative oversight.
A former CFTC clerk for Chris Giancarlo and advisor to SEC Chair Paul Atkins, he later served in private practice at Perkins Coie and Willkie Farr & Gallagher, advising on blockchain and token regulation.
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Therefore, his nomination could pass as a crypto-positive signal, bridging the deep policy rift that has paralyzed the industry’s US growth.
Kalshi Predicts Record-Long US Shutdown
Meanwhile, the potential nomination lands at a tense political moment. Kalshi prediction markets now price the shutdown lasting 34.7 days, signaling what could become the longest in US history.
The extended standoff has already halted policy momentum, delaying progress on key crypto and macro market updates.
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Meanwhile, the third week of the shutdown has seen negotiations collapse over military pay and healthcare subsidies, and crypto markets rebounded modestly after last week’s derivatives-led selloff. Still, the longer Washington remains frozen, the greater the risk of delayed CFTC enforcement guidance, ETF reviews, and data releases critical for institutional traders.
Two forces are therefore at play. On the one hand, Congress is deadlocked on the market structure bill. On the other hand, Kalshi forecasts the shutdown extending beyond 35 days.
Against these backdrops, all eyes are on whether the administration can push Selig’s nomination through a paralyzed government, or whether crypto’s next regulatory chapter will remain on pause until Washington reopens for business.
Chart of the Day
US Government Shutdown Duration Probabilities. Source: Kalshi
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According to Kalshi prediction markets, there’s a 61% chance the shutdown lasts over 30 days and a 49% likelihood it will extend beyond 35.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
Crypto Equities Pre-Market Overview
| Company | At the Close of October 10 | Pre-Market Overview |
| Strategy (MSTR) | $304.79 | $308.00 (+1.05%) |
| Coinbase (COIN) | $357.01 | $363.36 (+1.78%) |
| Galaxy Digital Holdings (GLXY) | $39.38 | $40.20 (+2.08%) |
| MARA Holdings (MARA) | $18.64 | $19.19 (+2.98%) |
| Riot Platforms (RIOT) | $21.01 | $21.58 (+2.71%) |
| Core Scientific (CORZ) | $18.52 | $18.97 (+2.43%) |
Source: https://beincrypto.com/white-house-cftc-mike-selig-shutdown-us-crypto-news/
