The U.S. Senate elected Michael Selig, the nominee of U.S. President Donald Trump, to head the Commodity Futures Trading Commission (CFTC). Selig, who previously advised the Securities and Exchange Commission's (SEC) Crypto Assets Task Force, was elected by a vote of 53 to 43. The appointment of Michael Selig, who is experienced and supportive of sectoral regulations, to head the CFTC is considered a positive news for the cryptocurrency market.

What Does the CFTC Do?

CFTC, i.e. "Commodity Futures Trading Commission" (Commodity Futures Trading Commission) is an independent federal agency that supervises and regulates the futures, options and swap markets of the USA. The CFTC performs a similar role for commodities and derivatives as the SEC does for securities.

The importance of the CFTC for the cryptocurrency market is also increasing. The CLARITY Act, currently under discussion in the US Congress, will position the CFTC alongside the SEC as the primary regulatory agency for crypto assets. The CFTC will assume primary supervisory authority upon the enactment of this Act.