The U.S. Senate passed a procedural vote by 53 to 43 to advance the nomination of Michael Selig, appointed by Trump, as chair of the Commodity Futures Trading Commission (CFTC).
Selig served as the chief legal advisor to the "Crypto Working Group" of the U.S. Securities and Exchange Commission (SEC) and was a partner at Willkie Farr & Gallagher LLP, focusing on cryptocurrency-related business. Legislators are currently considering legislation that would make the CFTC the federal core of cryptocurrency regulation, and Selig will take over the agency at this critical moment.
The bills proposed by the House and Senate would grant the CFTC broader regulatory authority over the entire industry, and the CFTC continues to enhance its role in regulating cryptocurrency trading, having earlier this month allowed the first exchange to list "regulator-approved spot crypto products."
During the confirmation hearing held last month by the Senate Agriculture Committee, Selig pointed out that the cryptocurrency industry needs clearer regulatory rules while balancing consumer protection and allowing software developers to continue innovating.
Industry reaction
Government officials and industry leaders welcomed Selig's confirmation and look forward to him providing clearer regulatory direction for digital assets. Senator John Boozman, chairman of the Senate Agriculture, Nutrition, and Forestry Committee, stated:
"I look forward to working with Chairman Selig to ensure that the CFTC can provide clear and pragmatic regulation on risk management in the market, especially as Congress is considering legislation to expand its authority related to digital commodities."
Cody Carbone, the CEO of the Digital Chamber, also congratulated Selig on his confirmation in a statement provided to The Block. He stated, "We are excited about Mike's upcoming new chapter and appreciate his proven track record of in-depth research into the complex and highly technical issues related to digital assets, whether as a member or as a lawyer."
Carbone added, "His understanding of the value that the industry brings to consumers and investors will be crucial for the committee and Congress in drafting future rules and laws to regulate the American industry."
Additionally, the Senate voted on Thursday to confirm Travis Hill as the chairman of the Federal Deposit Insurance Corporation (FDIC). He has served as acting chairman of the FDIC since January.
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