The U.S. Senate voted in favor of President Donald Trump's nomination of Michael Selig to lead the Commodity Futures Trading Commission (CFTC), as the agency prepares to take on a larger role in regulating cryptocurrency markets.
The Senate voted 53 to 43.
Trump chose Selig to lead the committee last October, after a difficult nomination process for his previous nominee, Brian Quintenz, the policy director at a16z. That nomination faced criticism from some industry figures, including Tyler and Cameron Winklevoss of Gemini, due to concerns about conflicts of interest. Scheduled voting sessions were canceled twice during the summer, and the nomination was eventually withdrawn.
Selig has experience at the Securities and Exchange Commission (SEC) as a senior advisor to the committee's cryptocurrency task force, and he was a specialized partner in cryptocurrencies at the law firm Wilkie Farr & Gallagher.
Selig will be at the helm of the committee at a critical moment, as lawmakers consider legislation that would place the agency at the center of federal cryptocurrency regulation. Bills in the House and Senate would grant the agency broader authority over the industry. The committee reaffirmed its position on cryptocurrency trading, allowing the first exchange to list regulatory-approved spot cryptocurrency products earlier this month.
During his confirmation hearing for the Senate Agriculture Committee last month, Selig spoke about the need for clearer rules for cryptocurrencies, balancing consumer protection while allowing software developers to innovate. Senators asked whether the committee needed additional funding as it takes on a larger central role in regulating cryptocurrencies.
The committee has 543 full-time employees compared to 4,200 at the Securities and Exchange Commission. Selig hesitated and said that once he assumes the position, he will be able to determine if the agency needs additional funding.
On Thursday, the Senate also voted to confirm Travis Hill as head of the Federal Deposit Insurance Corporation (FDIC). He had been serving as acting president of the agency since January.
#### Key points
- The Senate confirmed Michael Selig as head of the CFTC with a vote of 53-43.
- Selig's nomination came after the withdrawal of Brian Quintenz's nomination due to criticism over conflicts of interest.
- Selig's background: Senior advisor to the SEC's cryptocurrency task force, and a partner at a law firm specializing in crypto.
- The committee is poised to expand its role in regulating cryptocurrencies with bills providing broader powers.
- The committee recently allowed the listing of approved spot cryptocurrency products.
- During the hearing, Selig emphasized clearer rules with consumer protections and innovation; he hesitated regarding additional funding, noting the committee's smaller staff (543 compared to 4,200 at the SEC).
- Additional confirmation: Travis Hill as head of the FDIC.