The top Republican on the Senate Agriculture Committee indicated that the full Senate could vote on President Donald Trump’s nominee to chair the Commodity Futures Trading Commission (CFTC) as early as Thursday afternoon.
In a prepared statement for a Thursday hearing on CFTC reauthorization, Committee Chair Glenn Thompson stated that the Senate might vote on Michael Selig’s nomination to chair the agency on Thursday. This potential vote would occur just a few weeks after the Agriculture Committee advanced Selig’s nomination to the full chamber along partisan lines.
However, according to the Senate’s calendar of business, a vote on Selig’s nomination was not scheduled for Thursday. The chamber is expected to recess for the holidays on December 22, leaving lawmakers with a limited timeframe to confirm the prospective CFTC chair.
Selig, whom Trump nominated as CFTC chair in November after the withdrawal of his initial pick, Brian Quintenz, appeared before lawmakers in a November hearing. The prospective chair emphasized the critical importance of the CFTC having a strong presence in addressing cryptocurrency regulation and enforcement, stating, "it was vitally important that [the CFTC] have a cop on the beat."
Acting Chair Continues Push for Crypto Initiatives
Acting CFTC Chair Caroline Pham has served as the sole commissioner at the financial regulator for several months, following the departure of all other members whose terms had expired. Pham is also expected to step down once the Senate confirms a replacement chair, potentially leaving Selig as the sole member of the commission.
Although the exact timing of Pham's departure from the CFTC remains uncertain, the acting chair has actively continued to advance the Trump administration's agenda concerning digital assets. She has been advocating for policies that support the industry and foster closer engagement with industry executives.
On Wednesday, Pham announced that the CFTC’s CEO Innovation Council would now include the chief executives of prominent companies such as Kraken, Gemini, Bitnomial, Crypto.com, Polymarket, and Kalshi. This expansion signals a continued effort to integrate key players from the digital asset space into the regulatory dialogue.