Michael Selig, currently serving as the Chief Legal Advisor for the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group, will be questioned at a Senate hearing next week to review his nomination as Chairman of the Commodity Futures Trading Commission (CFTC).
On Tuesday, the U.S. Senate Agriculture Committee updated its schedule, setting Selig's nomination hearing for November 19. This notice came about two weeks after the SEC official confirmed on social media that he was the next nominee for CFTC Chairman following President Trump’s withdrawal of Brian Quintenz.
Quintenz, who was nominated by Trump in February, had his hearing postponed in July amid reports that Gemini co-founders Cameron and Tyler Winklevoss were pushing for another candidate. Quintenz later revealed private messages he exchanged with the Winklevoss brothers, indicating that the Gemini co-founders were seeking certain assurances regarding CFTC enforcement actions.
Since September, CFTC Acting Chair Caroline Pham has been the only commissioner at the agency, which is expected to have five members. Pham stated earlier this year that she intends to leave the CFTC after the Senate votes on a new chair, suggesting that if Selig is confirmed, he could become the sole voice of leadership for one of the most important financial institutions in the U.S.
Regardless of whether Selig is confirmed, the CFTC is expected to face significant regulatory changes regarding digital assets, depending on the potential passage of the market structure bill.
In July, the U.S. House of Representatives passed the CLARITY Act. This bill is expected to establish clear roles and responsibilities for the SEC and CFTC regarding cryptocurrencies and is currently awaiting review by the Senate Agriculture Committee and the Senate Banking Committee before potentially moving to a full vote.
On Monday, Republican members of the Senate Agriculture Committee released a discussion draft of the market structure bill, marking the first push for the legislation to move forward after weeks of government shutdown and congressional recess.
The Agriculture Committee oversees laws affecting commodities and the agencies responsible for regulating them (such as the CFTC), while the Banking Committee has jurisdiction over securities and oversees the SEC.
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Original: “CFTC Chair Candidate to Face Hearing After Trump Withdraws First Nominee”
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