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Senate Ag Committee Advances Nominee for CFTC Chair

"The Commission urgently needs permanent leadership, and Mr. Selig is well qualified to guide the Agency at this critical moment for U.S. derivatives and digital asset markets."
CCI Letter to Senate Agriculture Committee Chair John Boozman and Ranking Member Amy Klobuchar
"The Commission urgently needs permanent leadership, and Mr. Selig is well qualified to guide the Agency at this critical moment for U.S. derivatives and digital asset markets."
CCI Letter to Senate Agriculture Committee Chair John Boozman and Ranking Member Amy Klobuchar

The Senate Agriculture Committee advanced the nomination of Michael Selig to be Chair of the Commodity Futures Trading Commission.

Mr. Selig recently served as chief counsel to the Securities and Exchange Commission’s cryptocurrency task force. If confirmed, Mr. Selig would replace CFTC Acting Chair Caroline Pham, who is currently the only member of the Commission. At a hearing before the Committee, Mr. Selig stated "that the CFTC is the right and only regulator for spot digital commodity trading and said Congress must move quickly on digital asset market-structure legislation."

In a letter to Senate Agriculture Committee Chair John Boozman supporting the nomination, the Crypto Council for Innovation ("CCI") argued that Mr. Selig’s confirmation was essential to providing the Commission with stable leadership at a time of rapid innovation and growing global competition. The CCI underscored his technical fluency in digital assets, his ability to build consensus across regulatory and industry stakeholders, and his balanced approach to market integrity and responsible innovation. The organization urged the Senate to act promptly to confirm his nomination.

Primary Sources

  1. CCI: Comment Letter: Statement of Support for the Confirmation of Michael Selig as Chairman of the U.S. Commodity Futures Trading Commission
  2. Roll Call: Article: Senate Agriculture advances Selig to lead CFTC
  3. Planadviser: Article: Michael Selig’s Nomination to Lead CFTC Advanced by Senate Committee

Tags

Regulated Activities
Governance
Sub-Activity
Regulatory Personnel Changes
Regulated Entities
Regulatory Agencies
Regulated Products
Digital Assets
Body of Law
CEA Regulation
Jurisdiction
US - Federal
Organization
Trade / Industry Associations
Sub-Author
Crypto Council for Innovation