Trump’s CFTC Nominee Michael Selig Faces Senate Amid Crypto Regulatory Shifts
Michael Selig, Chief Counsel of the SEC's Crypto Task Force, will appear before the Senate Agriculture Committee on November 19 as President Trump's nominee to chair the Commodity Futures Trading Commission (CFTC). The hearing comes at a pivotal moment for the agency, which may soon inherit expanded authority over cryptocurrency markets.
The CFTC, traditionally focused on derivatives and commodities, stands to gain oversight of a significant portion of the digital asset sector under proposed legislation. This potential power shift from the SEC to the CFTC reflects growing recognition of cryptocurrencies as commodities rather than securities.
Selig WOULD assume leadership of an understaffed commission, with Acting Chair Caroline Pham currently serving as the CFTC's sole member. Pham has pledged to step down upon confirmation of a permanent chair, leaving Selig to navigate initial challenges without a full complement of commissioners.
