With the US government shutdown expected to end this week, the Senate Agriculture Committee scheduled a hearing to consider President Donald Trump’s pick to head the CFTC.
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Michael Selig, currently serving as chief counsel for the crypto task force at the US Securities and Exchange Commission, will face questioning from senators next week in a hearing to consider his nomination as the chair of the Commodity Futures Trading Commission.
On Tuesday, the US Senate Agriculture Committee its calendar to include Selig’s nomination hearing on Nov. 19. The notice came about two weeks after the SEC official that he was US President Donald Trump’s next pick to chair the agency following the removal of Brian Quintenz.
Hearings for Quintenz, whom Trump nominated in February, in July amid reports that Gemini co-founders Cameron and Tyler Winklevoss were pushing another candidate. Quintenz later between him and the Winklevoss twins, signaling that the Gemini co-founders were seeking certain assurances regarding enforcement actions at the CFTC.
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Since September, acting CFTC Chair Caroline Pham has been the sole commissioner at the financial agency, expected to have five members. Pham said earlier this year that she intends to depart the CFTC after the Senate votes on a new chair, suggesting that, if confirmed, Selig could be the lone leadership voice at one of the US’s most significant financial agencies.
Whether Selig is confirmed or not, the CFTC is expected to face significant regulatory changes regarding digital assets following the potential passage of a market structure bill.
In July, the US House of Representatives passed the CLARITY Act. The bill, expected to establish clear roles and responsibilities for the SEC and CFTC over cryptocurrencies, awaits consideration in the Senate Agriculture Committee and Senate Banking Committee before potentially going to a full floor vote.
On Monday, Senate Republicans on the agriculture committee of the market structure bill, moving the legislation forward for the first time in weeks amid a government shutdown and congressional recess.
The agriculture committee oversees laws affecting commodities and the regulators responsible for them, such as the CFTC, while the banking committee has jurisdiction over securities and oversees the SEC.
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