WASHINGTON / LONDON (IT BOLTWISE) – Michael Selig’s nomination to chair the US Commodity Futures Trading Commission (CFTC) has taken an important step. After a Senate hearing, his nomination advanced through the Republican Executive Committee. The vote fell along party lines, with no Democratic support.
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Michael Selig, nominated by US President Donald Trump to chair the Commodity Futures Trading Commission (CFTC), has reached an important milestone. His nomination advanced after a Senate hearing by the Republican Executive Committee. The vote fell along party lines, with no support from Democrats.
During the hearing, Selig answered questions about potential conflicts of interest, his policy positions on DeFi and digital assets, and the lack of leadership at the federal agency. Paul Grewal, Coinbase’s general counsel, supported his confirmation, citing Selig’s support for legislation structuring the digital asset market that is currently being debated in Congress.
Selig is Trump’s second choice for CFTC chairmanship after Brian Quintenz withdrew his nomination. For his confirmation, Selig needs the support of at least 50 senators. Despite progress on his nomination, the CFTC remains understaffed, with four commissioner positions still vacant.
Even if Selig is confirmed quickly, Trump has not yet named nominees for the two remaining Republican and two Democratic seats at the CFTC. Since September, Caroline Pham has been the agency’s only Republican commissioner. Under her leadership, the CFTC is working to implement digital asset regulation and policy recommendations as directed by the White House.
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