Michael Selig, currently chief counsel for the crypto task force at the U.S. Securities and Exchange Commission, will be questioned by senators next week at a hearing to consider his nomination to chair the Commodity Futures Trading Commission.
On Tuesday, the U.S. Senate Agriculture Committee updated its schedule to include Selig’s nomination hearing on November 19. The notice came about two weeks after the head of the SEC confirmed on social networks that he was US President Donald Trump’s next choice to chair the agency following the impeachment of Brian Quintenz.
Hearings for Quintenz, whom Trump nominated in February, were put on hold in July, amid reports that Gemini co-founders Cameron and Tyler Winklevoss were pushing another candidate. Quintenz later private published texts between him and the Winklevoss twins, signaling that the Gemini co-founders were seeking certain assurances regarding the CFTC’s enforcement actions.
Related: Who is Michael Selig? Trump names pro-crypto lawyer to lead CFTC
Since September, Acting CFTC President Caroline Pham has been the sole commissioner of the financial agency, which is expected to have five members. Pham said earlier this year that she intended to leave the CFTC after the Senate votes on a new chairman, suggesting that, if confirmed, Selig could be the sole leading voice at one of the most important U.S. financial agencies.
US Senate Committee Releases Market Structure Bill
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 U.S. House of Representatives passed the CLARITY Act. The bill, which is expected to establish clear roles and responsibilities for the SEC and CFTC regarding cryptocurrencies, awaits review by the Senate Agriculture Committee and the Senate Banking Committee before potentially being put to a floor vote.
Senate Republicans serving on the Agriculture Committee on Monday published a discussion draft of the Market Structure Bill, advancing legislation 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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