Trump's Pick to Run CFTC, Selig, Tells Senators Crypto a 'Critical Mission' at Agency

Mike Selig, the nominee for chairman of the Commodity Futures Trading Commission (CFTC), emphasized the importance of cryptocurrency regulation during his confirmation hearing. He reassured senators that digital assets would be a central focus of his tenure, aiming to establish a framework conducive to the growth of software developers and new exchanges. Selig highlighted the CFTC's mission to protect markets and indicated that proper regulatory controls would be essential for investor safety. He described bitcoin mining as important infrastructure that should be supported domestically. As the CFTC has faced staffing reductions and new responsibilities related to crypto oversight, Selig has not committed to immediate staff increases but noted a focus on building the enforcement division. He has previously worked with the Securities and Exchange Commission's Crypto Task Force, providing him with insights into the industry's policy needs. Selig's confirmation discussion reflects a significant moment for U.S. cryptocurrency regulation, particularly as the CFTC prepares to navigate its role amid ongoing developments in the sector.

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