The top Republican leader of the Senate Agriculture Committee pointed out that the entire Senate may vote on the nomination of the Commodity Futures Trading Commission (CFTC) chairperson nominated by President Donald Trump, "possibly as early as this afternoon."
In a preparatory statement for the CFTC reauthorization hearing held on Thursday, Committee Chairman Glenn Thompson stated that the Senate may vote on Michael Selig's nomination to serve as the chair of the agency on Thursday. This potential vote will take place just weeks after the Agriculture Committee submitted Selig's nomination to the full Senate along party lines.
According to the Senate's business schedule, there was no arrangement for a vote on Selig's nomination on Thursday. The Senate is expected to recess for the holidays on December 22, leaving legislators with a limited time window to confirm this potential CFTC chair.
Selig was nominated by Trump in November after his predecessor nominee Brian Quintenz withdrew, and he faced questioning from lawmakers during the November hearing. The prospective chair emphasized that it is "crucial" for the CFTC to be "equipped with enforcement personnel" to handle cryptocurrency regulation and enforcement.
Acting CFTC Chair Caroline Pham has been the only commissioner of the financial regulatory agency for months, as every member of the agency's leadership has resigned or left due to term expirations. Once the Senate confirms a replacement chair, Pham is also expected to depart, potentially leaving Selig as the sole member.
While it is currently unclear when Pham might leave the CFTC, the acting chair has been pushing the Trump administration's agenda on digital assets by advocating for industry-friendly policies and fostering close collaboration with executives.
On Thursday, Chair Pham announced her plan to withdraw the CFTC's "outdated" guidelines on digital assets, which she believes "penalize the cryptocurrency industry and hinder innovation."
Pham also announced that the CFTC's CEO Innovation Committee will include leaders from Kraken, Gemini, Bitnomial, Crypto.com, Polymarket, and Kalshi.
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Original: “U.S. Senator says Trump-nominated CFTC chair candidate may be voted on Thursday”
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