Michael Selig, a senior Securities and Exchange Commission (SEC) official and pro-crypto voice, is set to face a pivotal Senate confirmation hearing next week for his nomination to lead the U.S. Commodity Futures Trading Commission (CFTC).
The hearing, scheduled for Wednesday, November 19, at 3:00 p.m., marks a crucial moment for the agency and U.S. crypto regulation.
Selig, currently serving as chief counsel for the SEC’s Crypto Task Force, was nominated by President Donald Trump to become both chairman and commissioner of the CFTC.
The nomination follows the withdrawal of the administration’s earlier pick, Brian Quintenz, and comes amid one of the agency’s most unstable periods in decades.
Leadership Vacuum Clouds CFTC as Selig Prepares for High-Stakes Senate Hearing
Selig’s confirmation hearing before the Senate Agriculture Committee comes as the regulator grapples with a leadership vacuum and questions over crypto oversight.
The uncertainty began in January 2025, when Chair Rostin Behnam resigned after four years at the helm.
Behnam, who led major enforcement actions, including the $4.3 billion Binance settlement, warned that much of the crypto market remained unregulated despite the CFTC’s efforts to expand its reach beyond derivatives into spot markets.
Since then, the agency has seen a wave of departures. Commissioner Caroline Pham announced in August she would join MoonPay once a new chair was appointed.
Democratic Commissioner Kristin Johnson followed in September, leaving Pham as the only active member on the five-person panel.
The leadership gap has delayed policy initiatives and complicated coordination with Congress on crypto-related bills. The White House reportedly began vetting Josh Sterling, a former CFTC official, as a possible replacement.
Quintenz’s earlier nomination faltered after reports emerged that Gemini co-founders Cameron and Tyler Winklevoss had privately lobbied against his appointment,
Leaked communications showed the twins sought assurances over potential CFTC enforcement actions involving their firm.
Quintenz later withdrew his candidacy in September, saying he planned to return to the private sector.
Is Trump’s New CFTC Pick the Start of America’s ‘Crypto Capital’ Era?
President Trump’s nomination of Michael Selig to lead the CFTC signals continuity in expanding the agency’s authority over digital assets, a central piece of its financial modernization agenda.
The White House Working Group on Digital Assets, chaired by David Sacks, has outlined a framework granting the CFTC primary oversight of spot crypto markets, while the SEC would retain jurisdiction over tokenized securities.
In an October 25 post on X, Selig confirmed his nomination, calling it “a Great Golden Age for America’s Financial Markets,” and pledged to help make the U.S. “the Crypto Capital of the World.”
Selig’s career reflects deep experience in both traditional markets and digital assets.
A graduate of George Washington University Law School, he began his public service in the office of former CFTC Chair J. Christopher Giancarlo before moving to private practice at Cadwalader, Wickersham & Taft and Perkins Coie, advising blockchain clients.
He later became a partner at Willkie Farr & Gallagher before joining the SEC in 2025 to head its crypto enforcement advisory team.
His confirmation comes as the CFTC prepares to authorize leveraged spot crypto trading on regulated exchanges.
Meanwhile, Congress is advancing bills to redefine the CFTC’s powers. The CLARITY Act, passed by the House in July, seeks to divide crypto oversight between the CFTC and SEC.
A Senate proposal led by John Boozman and Cory Booker would give the CFTC full authority over digital commodities like Bitcoin and Ether.
Selig has long supported this commodity-based approach, once arguing that XRP “is simply computer code” and should be treated as a commodity, not a security.
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