Prospective CFTC Chair’s Nomination Advances through Committee

Michael Selig’s nomination to chair the US Commodity Futures Trading Commission (CFTC) has advanced through the Senate Agriculture Committee, moving closer to a Senate floor vote. The nomination, which cleared the committee along party lines, is part of President Donald Trump’s strategy to replace acting Chair Caroline Pham. Selig's nomination comes amidst discussions regarding conflicts of interest and his policy positions on decentralized finance (DeFi) and digital assets. Support for Selig has been bolstered by endorsements from industry leaders, including Coinbase's chief legal officer, who highlighted Selig's backing of a digital asset market structure bill currently progressing through Congress. Despite this advancement, Trump has not yet nominated candidates for two remaining Republican and two Democratic seats on the CFTC, leaving Pham as the agency's only Republican commissioner. The CFTC is actively engaged in a “crypto sprint,” cooperating closely with the Securities and Exchange Commission to clarify regulations surrounding cryptocurrencies.

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