U.S. senators are expected on Wednesday to press Michael Selig, President Donald Trump’s nominee to lead the Commodity Futures Trading Commission, on his plans for reshaping cryptocurrency oversight and regulating election-betting markets.
Selig currently serves as chief counsel for the SEC’s crypto task force and advises Republican SEC Chair Paul Atkins. He will appear before the Senate Agriculture Committee at 3 p.m. ET (2000 GMT).
Trump has heavily courted the crypto industry, pledging to become a “crypto president.” His administration has advanced industry-friendly policies, ended several probes into crypto firms, and enacted new rules governing stablecoins. Members of Trump’s family are also building a crypto business.
White House Pulled Previous Nominee
Selig’s nomination follows the withdrawal of former CFTC Commissioner Brian Quintenz, who said crypto entrepreneurs Cameron and Tyler Winklevoss privately urged Trump to delay his appointment. The twins, who contributed to Trump’s campaign, have not commented.
If approved, Selig would take charge at a pivotal moment. Congress is considering the CLARITY Act — a bill that would define when a cryptocurrency qualifies as a commodity or a security. The measure would expand the CFTC’s authority by giving it oversight of crypto spot markets.
After being nominated, Selig wrote on X that he aims to “help the President make the United States the Crypto Capital of the World.” Before joining the SEC, he was a partner at Willkie Farr & Gallagher.
Lawmakers are expected to question him about the CLARITY Act, coordination with the SEC, and the agency’s role in supervising markets that allow Americans to wager on elections and other events.
The CFTC is normally run by five bipartisan commissioners appointed by the president, but it currently has only one sitting member: Republican Caroline Pham, serving as acting chair. Pham has said she intends to step down once Trump’s nominee is confirmed.
“This is a great sign for the industry and the U.S. regulatory system,” said Cody Carbone, CEO of crypto trade group The Digital Chamber, who praised Selig’s nomination as a step toward clearer digital asset rules
