Pro-Crypto CFTC Chair Nominee Won’t Commit to More Agency Resources or Dem Commissioners

During his Senate confirmation hearing, Mike Selig, the nominee for chair of the Commodity Futures Trading Commission (CFTC), declined to state that the agency requires more resources to regulate the expanding crypto market. This refusal came despite bipartisan support from senators who stressed the need for an enhanced budget and staffing given the CFTC’s new regulatory responsibilities. Selig, currently serving as chief counsel for the SEC’s crypto task force, expressed that he would assess resource needs only after confirmation, which drew skepticism from Democratic senators regarding oversight for future crypto regulations. Additionally, Selig did not commit to advocating for the inclusion of Democratic commissioners in a predominantly Republican leadership structure, a situation that has raised concerns among Senate Democrats about the potential for a lack of balanced oversight in the agency. His confirmation vote is set to take place shortly, highlighting the urgency of his appointment amidst significant regulatory changes in the crypto landscape.

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