Trump’s CFTC Nominee Clears Senate Hurdle Amid Crypto Regulatory Uncertainty
The Senate Agriculture Committee advanced Michael Selig's nomination to lead the Commodity Futures Trading Commission (CFTC) by a 12-11 party-line vote. The confirmation comes as Congress prepares to grant the agency expanded authority over cryptocurrency markets.
Lawmakers grilled Selig on the CFTC's capacity to oversee crypto with just 543 staffers—a fraction of the SEC's 4,200-employee roster. The nominee declined to commit to seeking additional funding, stating he would 'assess the situation once confirmed.'
This pivotal moment coincides with legislative efforts to designate the CFTC as primary regulator for spot crypto markets. The agency's thin resources raise questions about its ability to police volatile digital asset trading while maintaining traditional commodities oversight.
