- Michael Selig, currently chief counsel for the crypto task force at the US Securities and Exchange Commission, will have a Senate hearing for his CFTC chair nomination on November 19.
- The CFTC has operated with a single commissioner, acting chair Caroline Pham, since September and expects significant regulatory changes regarding digital assets.
- The US Senate Agriculture Committee released a draft market structure bill addressing the regulation of cryptocurrencies, advancing legislation after the House passed the CLARITY Act.
- The market structure bill aims to clarify the roles of the SEC and CFTC in overseeing digital assets and requires consideration by both the Agriculture and Banking Committees.
The US Senate Agriculture Committee scheduled a hearing on November 19 to question Michael Selig on his nomination as chair of the Commodity Futures Trading Commission (CFTC). Selig currently serves as chief counsel for the crypto task force at the Securities and Exchange Commission (SEC) and was announced by US President Donald Trump as his pick to lead the CFTC following Brian Quintenz’s departure.
Brian Quintenz’s nomination hearing was delayed amid efforts from Gemini co-founders Cameron and Tyler Winklevoss to support another candidate. Quintenz later shared private messages revealing the twins sought commitments regarding CFTC enforcement actions.
Since September, the CFTC has operated under acting Chair Caroline Pham, its sole commissioner, with a full five-member commission yet to be confirmed. Pham has indicated plans to leave once the Senate completes a vote on new leadership, which could position Selig as the primary leader at the agency.
Meanwhile, regulatory oversight of digital assets may undergo changes tied to the market structure bill recently advanced by the Senate Agriculture Committee. The bill, developed by Senate Republicans, follows the US House’s July passage of the CLARITY Act, which aims to define clear jurisdiction between the SEC and CFTC for cryptocurrency regulation.
The Agriculture Committee manages commodities laws and regulators such as the CFTC, while the Senate Banking Committee oversees securities regulation and the SEC. Both committees must review the bill before it can move to a Senate floor vote. The legislation moves forward amid ongoing government operations challenges, including a shutdown and congressional recess.
For more information, see the official Senate Agriculture Committee hearing calendar.
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