Securities Regulation Daily Wrap Up, CFTC NEWS AND SPEECHES—Senate Ag Committee advances Selig nomination for CFTC chair, (Nov 20, 2025)
Selig’s confirmation would bring some stability to the CFTC, which is likely to receive increased authority over crypto markets under pending legislation.
The Senate Agriculture Committee voted to advance the nomination of Michael Selig for CFTC chairman. If confirmed by the full Senate, Selig will replace current Acting Chairman Caroline Pham.
Selig currently serves as chief counsel for the SEC Crypto Task Force and senior advisor to SEC Chairman Paul Atkins.
Committee Chairman John Boozman (R-Ark). urged the Senate to quickly confirm Selig.
“This is a critical moment for the CFTC as Congress considers expanding the agency’s authority,” said Boozman. “Strong leadership is essential to implement new policies and responsibilities. Michael Selig is the right person to strike that balance.”
Selig’s nomination is advancing swiftly. The Senate Agriculture Committee held a nomination hearing on November 19. The nomination was previously announced by David Sacks, the White House AI and crypto czar, and the formal nomination was submitted to the Senate on October 31.
Stability for CFTC. Confirmation of a CFTC chairman is widely seen as important for stability. The CFTC has been led by an acting chairman since January. The White House withdrew a previous nominee, former CFTC Commissioner Brian Quintenz, after opposition from some in the crypto and gaming industries.
But Selig’s confirmation would not address a separate issue. In a highly unusual circumstance, the CFTC currently has only one commissioner (Pham) of a normal five-member Commission. The White House has so far not nominated any commissioners besides Selig, and Pham has previously said she will depart when a chairman is confirmed. If so, the CFTC will operate with Selig as the sole member of the commission unless more commissioners are nominated.
It’s a high-stakes time for the CFTC, which is generally expected to expand its authority over digital asset markets under pending legislation, though details have yet to be worked out. The CLARITY Act passed by the House and a discussion draft released by the Senate Agriculture committee would expressly grant the CFTC increased oversight of crypto markets. A discussion draft released by the Senate Banking committee is somewhat less prescriptive in that regard.
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