U.S. President Donald Trump has appointed Michael Selig as the new chair of the Commodity Futures Trading Commission (CFTC), underscoring the administration’s growing commitment to making the United States the global leader in digital assets.

Selig, who currently serves as chief counsel for the CFTC’s crypto task force, confirmed his appointment on Saturday in a post on X, saying he would “work tirelessly to facilitate well-functioning commodity markets, promote freedom, competition, and innovation, and help the President make the United States the Crypto Capital of the World.”

The appointment was first reported by Bloomberg News and later confirmed by an administration official and Selig himself. David Sacks, the White House artificial intelligence and crypto czar, also confirmed the move in a separate post on X, describing Selig as “deeply knowledgeable about financial markets and passionate about modernizing our regulatory approach in order to maintain America’s competitiveness in the digital asset era.”

Selig’s selection marks a turning point for the CFTC, the agency responsible for overseeing futures, options, and derivatives markets. His appointment signals Trump’s intent to reshape the regulatory landscape around cryptocurrency, aligning with his administration’s broader effort to reduce barriers for digital asset innovation and attract global crypto investment.

Before joining the CFTC in March 2025, Selig was a partner at the international law firm Willkie Farr & Gallagher. He has worked closely with Securities and Exchange Commission Chairman Paul Atkins, and is known in Washington for advocating a “light-touch” regulatory approach to blockchain and fintech startups.

A Shift in Crypto Policy Under Trump

The Trump administration has made cryptocurrency a central feature of its economic strategy, framing it as both an innovation engine and a matter of national competitiveness. Earlier this year, Trump signed into law the GENIUS Act and the CLARITY Act, both of which establish clearer rules for digital assets and distinguish between securities and commodities in the crypto space.

The GENIUS Act (Global Entrepreneurship and National Innovation in U.S. Systems) focuses on promoting blockchain infrastructure and creating tax incentives for crypto startups. The CLARITY Act, meanwhile, is designed to prevent regulatory overlap between the CFTC and SEC, which investors had long complained created uncertainty in the market.

The two laws have been widely welcomed by investors and crypto entrepreneurs, many of whom have praised the administration for its efforts to provide regulatory certainty after years of mixed signals from Washington.

Trump’s new CFTC pick comes after the collapse of an earlier nomination. The president had originally named Brian Quintenz, a former CFTC commissioner and crypto advocate, to head the agency. However, his nomination stalled amid opposition reportedly led by Tyler Winklevoss, co-founder of Gemini (GEMI.O), who was said to have lobbied the White House against the move. Quintenz later accused Winklevoss of using personal influence to derail his confirmation.

Selig’s appointment has largely been seen as a “safe yet ambitious” choice, given his policy expertise and his experience navigating both Washington’s bureaucracy and the private financial sector.

The CFTC is typically led by five commissioners, with the chair appointed by the president and confirmed by the Senate. Historically, the White House has maintained a bipartisan balance on the commission. Selig’s confirmation, which is expected to proceed without major opposition, will further cement Trump’s deregulatory tilt in the financial sector.

Crypto in the Trump Business Orbit

Cryptocurrency has become an increasingly visible feature of the Trump family’s business interests. Trump Media & Technology Group (DJT.O), which owns the social media platform Truth Social, has ties to several blockchain ventures. DT Marks DEFI LLC, an entity linked to the Trump family, holds nearly 38% of equity in the company controlling World Liberty Financial, a crypto venture that has recently drawn investor attention.

The president himself has launched digital tokens, and his wife, Melania Trump, has also released a series of themed crypto collectibles. These ventures have made the Trump brand a significant symbol in the political and commercial crypto ecosystem.

Selig’s leadership is expected to usher in a new era of regulatory modernization at the CFTC. It is believed that his appointment will likely accelerate the integration of blockchain technologies into traditional commodities markets, while streamlining compliance processes that have historically deterred startups from operating in the U.S.

The move could also reinforce investor confidence in the crypto industry, especially as global competition intensifies. The European Union’s Markets in Crypto-Assets (MiCA) regulation and China’s push into central bank digital currency (CBDC) frameworks have pressured Washington to define its own stance on digital finance.

Analysts say Selig’s confirmation would align the CFTC more closely with Trump’s vision of using digital assets to fuel U.S. economic competitiveness. However, some financial watchdogs have warned that loosening rules too quickly could expose markets to new forms of risk.

Masayoshi Son, the CEO of Softbank, inspires. He inspires because the size of his vision and his approach to risk are uncommon. I mean how do you invest $30 billion in a fledgling company like OpenAI? The news today is that the $30 billion is on the way: “SoftBank Group Corp. has reportedly approved the release of a second installment worth $22.5 billion to complete its $30 billion investment in OpenAI, according to a report by The Information on Saturday.”

He is among those who do not merely see the world as it is, they see it as it could become. In business, we talk about “animal spirit”, that audacious courage which refuses to be limited by the gravity of ordinary reasoning. Son embodies that spirit.

OpenAI is still discovering its full edges and contours, and someone is sending  $30 billion to it. Son simply builds. Hope one day he will expand his marketplace because as the Igbo Nation says “uwa bu ahia” [the world is a marketplace], Son should include Africa in his market!

SoftBank Approves $22.5bn Final Tranche to Complete $30bn Investment in OpenAI

SoftBank Group Corp. has reportedly approved the release of a second installment worth $22.5 billion to complete its $30 billion investment in OpenAI, according to a report by The Information on Saturday.

The Japanese investment giant’s board gave the green light on the condition that OpenAI finalizes a major corporate restructuring, a move designed to prepare the artificial intelligence company for an eventual initial public offering (IPO). The restructuring would shift OpenAI from its current capped-profit model to a fully for-profit structure — a requirement SoftBank had set before unlocking the final tranche of its funding.

According to the report, the approval would bring OpenAI’s ongoing financing round to $41 billion, one of the largest private capital raises ever recorded in the tech industry.

The first part of SoftBank’s $30 billion commitment — $10 billion — was approved in mid-April. The second installment completes the agreed package that SoftBank had initially tied to OpenAI’s internal restructuring and governance overhaul. If the restructuring were to fall through, SoftBank’s total investment would be reduced to $20 billion, as previously indicated by the company.

The investment is largely seen as part of SoftBank’s determination to solidify its position as a dominant global backer of artificial intelligence ventures. The conglomerate, led by Masayoshi Son, has in recent years refocused its Vision Fund strategy away from unprofitable startups toward companies at the heart of the AI revolution.

Son has repeatedly described AI as the “next stage of human evolution” and the centerpiece of SoftBank’s long-term investment thesis. The company has been actively backing firms involved in generative AI, semiconductor design, and data infrastructure, with Son personally emphasizing his ambition to make SoftBank the “capital provider for the AI era.”

OpenAI, best known for creating ChatGPT, has emerged as the most prominent AI company in the world, valued at $500 billion in secondary market transactions early this month. The firm has received funding from major investors, including Microsoft, which owns a significant stake and provides the computing backbone for OpenAI’s AI models through its Azure cloud service.

Restructuring for Public Markets

OpenAI’s restructuring is expected to create a more traditional corporate hierarchy that aligns with public market requirements. Under the proposed plan, OpenAI’s non-profit parent would hold a reduced controlling interest, while the for-profit subsidiary — which houses the ChatGPT and GPT model operations — would assume clearer financial accountability to shareholders.

The transition is seen as crucial to enabling future large-scale fundraising and potentially paving the way for an IPO, which SoftBank’s approval hints could come in the next two to three years.

It is believed that the restructuring would also streamline OpenAI’s partnership arrangements with major stakeholders such as Microsoft and Thrive Capital, and could ease mounting regulatory scrutiny over its complex governance model.

A Lifeline for OpenAI’s Expanding Operations

The financing round is expected to give OpenAI a significant liquidity boost as it races to expand its global operations and develop its next generation of multimodal AI systems. The company has been aggressively hiring across research, infrastructure, and enterprise sales divisions while simultaneously scaling its data center footprint through collaborations with chipmakers like NVIDIA and AMD.

The infusion of capital will help fund the development of GPT-6 and potentially new hardware ventures — including AI-optimized devices OpenAI has reportedly been prototyping in partnership with former Apple designer Jony Ive.

Some analysts believe that the new round could also accelerate OpenAI’s push toward financial self-sufficiency. Despite its massive global reach, the company’s operating costs remain high, particularly in computing and cloud resources. The addition of SoftBank’s investment may help the company move closer to breaking even by 2026, according to estimates from market research firm CB Insights.

SoftBank’s Broader AI Expansion

For SoftBank, this investment marks its largest single commitment since its $100 billion Vision Fund days. It also signals the firm’s renewed confidence after years of turbulent losses from earlier tech bets.

In 2023, SoftBank’s Vision Fund unit posted its first profit in nearly three years, buoyed by the rebound in tech valuations and its holdings in AI-related firms such as Arm Holdings, which went public last year in one of the most successful tech listings of the decade.

The OpenAI investment follows Son’s pledge to “go all in on AI” and represents what could become a defining move in SoftBank’s post-Vision Fund era. The move is believed to position the Japanese conglomerate as a major counterweight to Microsoft and other institutional investors shaping OpenAI’s governance and growth trajectory.

But the timing of the restructuring, and whether it satisfies SoftBank’s preconditions, remains critical. If completed successfully, the deal would not only secure OpenAI’s largest-ever funding round but also help stabilize the company’s balance sheet as it prepares for long-term expansion.

Top economic officials from the United States and China have agreed on a framework for a new trade agreement, signaling a possible easing of tensions between the world’s two largest economies ahead of a highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping.

The agreement, reached on the sidelines of the ASEAN Summit in Kuala Lumpur, marks the fifth round of in-person discussions between both sides since May. U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and top negotiator Li Chenggang to finalize key components of the deal.

“I think we have a very successful framework for the leaders to discuss on Thursday,” Bessent told reporters, confirming that the upcoming Trump–Xi talks would aim to finalize the deal.

Framework Aims to Defer Tariffs and Ease Export Curbs

Bessent told NBC’s Meet the Press that the framework would defer China’s expanded export controls on rare earth minerals and magnets while also avoiding a new 100% U.S. tariff on Chinese goods threatened by Trump.

According to the U.S. Treasury Secretary, the deal would include commitments on soybean and agricultural purchases from American farmers, more balanced trade flows, and steps toward resolving the U.S. fentanyl crisis, which was the basis of Washington’s earlier 20% tariffs on Chinese goods.

Chinese negotiator Li Chenggang said both sides had reached a “preliminary consensus” and would now move through internal approval processes.

“The U.S. position has been tough,” Li admitted. “We have experienced very intense consultations and engaged in constructive exchanges in exploring solutions and arrangements to address these concerns.”

President Trump, who arrived in Malaysia on Sunday at the start of a five-day Asia tour, struck an optimistic tone.

“I think we’re going to have a deal with China,” he said. The tour will culminate in a face-to-face meeting with Xi in South Korea on October 30.

The negotiations come as both sides race to prevent an escalation of their trade war, with the current trade truce set to expire on November 10. Trump has threatened to reimpose sweeping 100% tariffs on Chinese goods starting November 1 if no agreement is reached, in retaliation for Beijing’s recent export curbs on rare earths.

Under the current truce, both countries rolled back triple-digit tariffs on each other’s goods earlier this year following a Geneva agreement in May, which was later extended in August.

Officials confirmed that discussions covered a broad range of issues, including trade expansion, fentanyl controls, port entrance fees, rare earth exports, and TikTok’s data policies.

Bessent said the trade truce could be extended, pending the president’s decision, marking what would be the second extension since May.

“These are very substantial negotiations,” he added.

Trump’s Talking Points: Taiwan, Hong Kong, and Russia

While the White House has confirmed the Trump–Xi meeting, Beijing has yet to officially announce it. On the sidelines of the ASEAN summit, Trump hinted at future meetings in both China and the United States, possibly in Washington or Mar-a-Lago.

Among Trump’s talking points for the Xi meeting are China’s purchases of U.S. soybeans, the status of Taiwan, and the release of Hong Kong media tycoon Jimmy Lai, who remains imprisoned for pro-democracy activism. The case has drawn international condemnation as a symbol of Beijing’s crackdown on dissent in Hong Kong.

Trump also said he would seek China’s cooperation on Washington’s dealings with Russia, as the war in Ukraine drags on, underscoring Beijing’s growing geopolitical influence.

Despite the framework agreement, tensions remain fragile. China’s expanded controls on rare earth exports — critical for manufacturing semiconductors, electric vehicles, and defense technologies — have triggered global shortages. In response, the Trump administration has considered restricting software-powered exports to China, ranging from laptops to jet engines, according to Reuters.

Washington’s strategy now involves diversifying critical minerals supply chains and reducing dependence on Chinese refining and processing.

U.S. Signs New Trade Deals Across Southeast Asia

In a separate development, President Trump signed a series of reciprocal trade and minerals cooperation deals with four Southeast Asian nations — Malaysia, Cambodia, Thailand, and Vietnam — during the Kuala Lumpur summit. The agreements aim to rebalance trade, eliminate tariff barriers, and expand access to critical minerals vital to U.S. industries.

Under the new deals, Washington will maintain a 19% tariff on exports from Malaysia, Cambodia, and Thailand, which will gradually fall to zero for select products. A similar framework was reached with Vietnam, currently facing a 20% tariff on its exports to the U.S.

Vietnam, which recorded a $123 billion trade surplus with the U.S. last year, has pledged to boost imports of U.S. goods, especially agricultural and energy products, to reduce its trade imbalance.

Malaysia’s Rare Earth Pledge and Trade Incentives

Malaysia, which holds an estimated 16.1 million tonnes of rare earth deposits, agreed to refrain from banning or imposing quotas on exports of critical minerals or rare earth elements to the U.S.

The joint statement did not specify whether the pledge applied to raw or processed materials. Malaysia has maintained a ban on raw rare earth exports to protect domestic resources while promoting its downstream refining sector.

Malaysian Trade Minister Tengku Zafrul Aziz said the country had secured tariff exemptions for aerospace and pharmaceutical exports, alongside key commodities such as palm oil, cacao, and rubber. He also noted streamlined halal certification processes for U.S. cosmetics and pharmaceutical goods.

Thailand and Vietnam Secure Major U.S. Trade Wins

Thailand announced it would eliminate tariffs on 99% of U.S. goods and ease foreign ownership restrictions in telecommunications, while committing to purchase 80 U.S. aircraft worth $18.8 billion and energy products totaling $5.4 billion annually.

In addition, Thailand will buy agricultural products, including feed corn and soybean meal, worth about $2.6 billion per year.

Vietnam, meanwhile, will participate in a framework that supports digital trade, labour rights, and environmental standards, signaling closer economic cooperation with Washington amid broader Indo-Pacific supply chain realignments.

A Balancing Act Between Diplomacy and Economics

The U.S.-China framework deal and Washington’s flurry of new trade agreements in Southeast Asia underpin a delicate balancing act — one that mixes geoeconomic strategy with diplomatic outreach.

While Trump’s administration seeks to secure concessions from Beijing on tariffs and export curbs, it is simultaneously building economic partnerships across ASEAN to counter China’s dominance in regional trade.

The coming Trump–Xi summit in South Korea may determine whether this fragile détente evolves into a sustainable trade peace — or collapses into yet another round of retaliatory tariffs that could reverberate across global markets already strained by inflation and supply disruptions.