With major crypto bills pending, lawmakers press CFTC Chair pick Selig on agency independence and digital asset oversight

Michael Selig, President Trump's nominee to lead the Commodity Futures Trading Commission (CFTC), faced questioning from lawmakers regarding the agency's role in regulating digital assets amid pending major crypto legislation. Selig emphasized the need for clear, simple guidelines, consumer protection, and avoiding regulation by enforcement to foster innovation while protecting investors. His confirmation comes as Congress considers bills that would grant the CFTC broader authority over the crypto industry, requiring reconciliation between proposals from the Senate Agriculture and Banking Committees. Selig also addressed concerns about whether the CFTC needs increased funding to handle new jurisdiction, stating he would assess this upon becoming chair, and acknowledged the difficulty in preventing fraud like the FTX collapse, promising strong enforcement. Furthermore, if confirmed, Selig would be the sole commissioner, prompting concerns from some senators about agency independence and the need for bipartisan representation, to which Selig responded that a diversity of viewpoints best fulfills the agency's mission.

(Source：The Block)