A CIA Lawyer, a Goldman Veteran, and a Capitol Hill Insider Walk Into the CFTC

In a single day, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig replaced the heads of three of the agency's most consequential offices, making clear he intends to run a CFTC that looks and acts very differently from the one he inherited.

The trio of appointments, a former federal prosecutor to lead enforcement, a Goldman Sachs and FCA veteran to handle international affairs, and a Capitol Hill insider to manage Congressional relations, amounts to a near-complete overhaul of the agency's senior operating layer.

The question now is what Selig actually does with that team.

The Chairman took over from Acting Chairwoman Caroline Pham, whose tenure reshaped the CFTC's stance on prediction markets, perpetual futures, and digital assets. Selig has signaled continuity on crypto, but his enforcement pick in particular suggests the agency won't be soft on bad actors even as it pushes a pro-innovation agenda.

Whether those two goals can coexist at the CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term is the central tension his new team will have to navigate.

Former Prosecutor Takes the Helm at Enforcement

David I. Miller will lead the Division of Enforcement, joining from private practice where he was a litigation partner at Greenberg Traurig and then Morgan Lewis. His work there spanned white-collar defense, government investigations, securities and commodities enforcement, and digital asset matters.

Before his years at the defense bar, Miller spent nearly a decade as a government lawyer. He served as an assistant U.S. attorney in the Southern District of New York, where he worked in the Securities and Commodities Fraud Task Force alongside CFTC enforcement staff. He also prosecuted terrorism cases for the Justice Department, served as a special assistant U.S. attorney in the Eastern District of Virginia, and worked as assistant general counsel at the CIA.

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"He brings to the Commission decades of experience as a federal prosecutor and white-collar defense attorney, with a proven track record of defending market participants against the novel legal theories of overzealous regulators," the Chairman said, adding that the division should be "focused on its core purpose of policing fraud, abuse, and manipulation rather than setting policy."

Paul Hayeck, who has served as acting enforcement director since June 2025, will remain at the agency as chief of the Enforcement Division's Complex Fraud Task Force.

Goldman Sachs Veteran Returns to International Office

Mel Gunewardena gets a dual title: director of the Office of International Affairs and Senior Markets Advisor to the Chairman, an unusual pairing that puts him simultaneously in charge of cross-border regulatory coordination and inside the Chairman's advisory circle.

Gunewardena has navigated between Wall Street and Washington more than once. He spent years as a managing director in global markets trading at Goldman Sachs, Deutsche Bank, and State Street, running prime brokerage and derivatives businesses across three continents.

He then joined the CFTC as chief market intelligence officer from 2019 to 2022, where he led internal task forces during the COVID-19 disruptions and extreme volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term in the crude oil, natural gas, and electricity markets. Most recently, he served as a senior advisor for global markets to the chief executive of the UK Financial Conduct Authority and chaired its Secondary Markets Advisory Committee.

"I am committed to helping ensure the United States, as the world's largest commodities and derivatives market, remains the most competitive and attractive marketplace," Gunewardena said. "I look forward to delivering data-driven, forward-looking insights on market structure and risk management, and providing guidance during periods of uncertainty."

Mauricio Melara, who has run the international office on an acting basis since January 2025, will stay on within the division.

The appointment comes as Selig and SEC Chair Paul Atkins push forward a joint initiative called "Project Crypto," aimed at coordinating rulemaking across both agencies on digital assets.

Congressional Insider to Handle Legislative Relations

Alan Brubaker takes over the Office of Legislative and Intergovernmental Affairs, the CFTC's primary interface with Congress and other federal bodies. He comes from the House Committee on Oversight and Government Reform, where he served as a senior advisor to Chairman James Comer of Kentucky and worked across multiple oversight and investigation matters involving federal agencies.

Before that, Brubaker was vice president of external affairs at Prudential Financial. His background in agricultural and financial policy was a selling point for Selig, who said Brubaker's "congressional experience handling economic, agricultural and financial policy matters" would be an asset as the CFTC works with lawmakers on what the chairman described as "free market, pro-innovation policies."

"Agriculture is arguably one of the most critical sectors of our economy," Brubaker said, "and I'm excited to help ensure America's farmers, ranchers, and food suppliers have fair and liquid markets for managing their global risk."

Selig has moved quickly to assemble his team since taking the chairmanship. Last month, the CFTC also flagged integrity concerns in prediction markets after exchange operator Kalshi sanctioned two traders for alleged insider trading.