Key Developments in Digital Asset Regulation
Michael Selig, Chief Counsel of the Securities and Exchange Commission’s Crypto Task Force, is slated to appear before the U.S. Senate next week for his confirmation hearing. Lawmakers will review his nomination to become the next chair of the Commodity Futures Trading Commission (CFTC). The hearing is scheduled as expectations rise that the ongoing government shutdown will conclude this week, allowing pending matters in Congress to resume.
The Senate Agriculture Committee has scheduled Selig’s confirmation hearing for November 19, according to its latest update on Tuesday. The announcement comes about two weeks after Selig shared on X that President Donald Trump had chosen him to lead the CFTC. His nomination follows an earlier selection, Brian Quintenz, whose confirmation process was stopped by the president after his hearing in June.
David Sack, the White House A.I. and Crypto Czar, praised President Trump’s decision, describing Selig as an excellent choice to lead the CFTC. The nomination also reflects the president’s continued focus on digital assets and emerging financial technologies as part of his broader economic policy.
Earlier in the year, Trump had nominated Brian Quintenz to chair the agency. However, that hearing was delayed in July after reports surfaced that Gemini co-founders Cameron and Tyler Winklevoss were supporting another candidate for the role. The change in direction cleared the way for Selig’s selection to move forward.
If confirmed by the Senate, Selig would take over an agency that has been operating with minimal leadership. Since September, Acting Chair Caroline Pham has been the only commissioner at the CFTC, even though the commission normally consists of five members. Pham has said she plans to step aside once a new chair is confirmed, which would leave Selig temporarily as the sole leader until additional commissioners are appointed.
CFTC's Role in Digital Asset Regulation
Selig is recognized for his pro-crypto stance, and upon announcing his appointment on X, he highlighted his goal of helping President Trump make the United States a leading hub for digital assets. His approach is expected to be a key focus during the Senate hearing, where lawmakers will assess whether his views strike the right balance between industry growth and regulatory oversight.
In line with these considerations, the CFTC is expected to see significant changes in how it regulates digital assets. Congress is moving forward with the CLARITY Act, legislation designed to clarify which types of digital assets fall under the authority of the SEC and which are overseen by the CFTC, including cryptocurrencies. Passed by the House in July, the bill aims to create consistent rules and reduce confusion in the market.
Progress on the measure was paused for several weeks due to the government shutdown and congressional recess. Work resumed on Monday when Senate Republicans on the Agriculture Committee released a discussion draft, reviving the bill and signaling renewed efforts to advance it.