Michael Selig’s nomination to chair the US Commodity Futures Trading Commission (CFTC) is proceeding to a vote on the Senate floor after successfully clearing a committee hurdle.
Republican leaders on the Senate Agriculture Committee announced in a notice on Thursday that they had advanced Selig’s nomination following a hearing held on Wednesday. Reports indicate that the committee vote was along party lines, with no Democratic senators supporting President Trump’s selection to succeed acting Chair Caroline Pham.
During Wednesday's hearing, the prospective CFTC chair addressed questions from senators concerning potential conflicts of interest, his policy stances on decentralized finance (DeFi) and digital assets, and the current lack of leadership at the federal agency. Coinbase chief legal officer Paul Grewal expressed support for Selig’s confirmation, highlighting Selig’s backing for a digital asset market structure bill currently progressing through Congress.
Selig represents President Trump’s second nominee for CFTC chair, following the withdrawal of Brian Quintenz’s nomination. To be confirmed, Selig will require the support of at least 50 senators.
Four Commissioner Seats Remain Open
Even if Selig receives a swift confirmation, President Trump has not yet announced nominees to fill the two remaining Republican seats and two Democratic seats on the CFTC. Caroline Pham has been serving as the agency’s sole Republican commissioner since September.
Under Commissioner Pham's leadership, the CFTC has been actively working to implement recommendations on digital asset regulation and policy as directed by the White House. This initiative, referred to by the agency as a “crypto sprint,” involves close collaboration between the CFTC and the Securities and Exchange Commission (SEC) to establish clearer regulations and provide greater clarity on cryptocurrencies.