Trump’s New CFTC Nominee Faces Crucial Senate Hearing After Sudden Shake-Up
Michael Selig, a senior Securities and Exchange Commission (SEC) official and pro-crypto voice, is ready to face a pivotal Senate affirmation listening to subsequent week for his nomination to guide the U.S. Commodity Futures Trading Commission (CFTC).
The listening to, scheduled for Wednesday, November 19, at 3:00 p.m., marks an important second for the company and U.S. crypto regulation.
Selig, at present serving as chief counsel for the SEC’s Crypto Task Force, was nominated by President Donald Trump to develop into each chairman and commissioner of the CFTC.
The nomination follows the withdrawal of the administration’s earlier pick, Brian Quintenz, and comes amid one of many company’s most unstable intervals in a long time.
Leadership Vacuum Clouds CFTC as Selig Prepares for High-Stakes Senate Hearing
Selig’s affirmation listening to earlier than the Senate Agriculture Committee comes because the regulator grapples with a management vacuum and questions over crypto oversight.
The uncertainty started in January 2025, when Chair Rostin Behnam resigned after four years at the helm.
Behnam, who led main enforcement actions, together with the $4.3 billion Binance settlement, warned that a lot of the crypto market remained unregulated regardless of the CFTC’s efforts to broaden its attain past derivatives into spot markets.
Since then, the company has seen a wave of exits. Commissioner Caroline Pham announced in August she would join MoonPay as soon as a brand new chair was appointed.
Democratic Commissioner Kristin Johnson followed in September, leaving Pham as the one energetic member on the five-person panel.
The management hole has delayed coverage initiatives and complex coordination with Congress on crypto-related payments. The White House reportedly started vetting Josh Sterling, a former CFTC official, as a doable alternative.
Quintenz’s earlier nomination faltered after stories emerged that Gemini co-founders Cameron and Tyler Winklevoss had privately lobbied against his appointment,
Leaked communications confirmed the twins sought assurances over potential CFTC enforcement actions involving their agency.
Quintenz later withdrew his candidacy in September, saying he deliberate to return to the non-public sector.
Is Trump’s New CFTC Pick the Start of America’s ‘Crypto Capital’ Era?
President Trump’s nomination of Michael Selig to guide the CFTC alerts continuity in increasing the company’s authority over digital property, a central piece of its monetary modernization agenda.
The White House Working Group on Digital Assets, chaired by David Sacks, has outlined a framework granting the CFTC major oversight of spot crypto markets, whereas the SEC would retain jurisdiction over tokenized securities.
In an October 25 publish on X, Selig confirmed his nomination, calling it “a Great Golden Age for America’s Financial Markets,” and pledged to assist make the U.S. “the Crypto Capital of the World.”
Selig’s profession displays deep expertise in each conventional markets and digital property.
A graduate of George Washington University Law School, he started his public service within the workplace of former CFTC Chair J. Christopher Giancarlo earlier than shifting to non-public follow at Cadwalader, Wickersham & Taft and Perkins Coie, advising blockchain shoppers.
He later grew to become a accomplice at Willkie Farr & Gallagher earlier than becoming a member of the SEC in 2025 to go its crypto enforcement advisory staff.
His affirmation comes because the CFTC prepares to authorize leveraged spot crypto trading on regulated exchanges.
Meanwhile, Congress is advancing payments to redefine the CFTC’s powers. The CLARITY Act, passed by the House in July, seeks to divide crypto oversight between the CFTC and SEC.
A Senate proposal led by John Boozman and Cory Booker would give the CFTC full authority over digital commodities like Bitcoin and Ether.
Selig has lengthy supported this commodity-based strategy, once arguing that XRP “is solely pc code” and ought to be handled as a commodity, not a safety.
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