Michael Selig, who serves as chief counsel for the crypto job drive on the US Securities and Trade Fee, confronted questions from lawmakers on the Senate Agriculture Committee for his nomination to be the subsequent chair of the Commodity Futures Buying and selling Fee.
On Wednesday, Selig appeared earlier than the committee and addressed questions and considerations from lawmakers on each side of the aisle relating to his potential conflicts of curiosity, coverage views and expertise as the subsequent CFTC chair, succeeding Caroline Pham.
In his opening assertion, Selig mentioned he had suggested a variety of market individuals, together with digital asset firms, and warned in opposition to the company taking a regulation-by-enforcement strategy, stating that it will drive firms offshore.
“We’re at a novel second within the historical past of our monetary markets,” mentioned Selig. “A variety of latest applied sciences, merchandise, and platforms are rising […] the digital asset economic system alone has grown from a mere curiosity to a virtually $4 trillion market.”
The affirmation of Selig, whom US President Donald Trump nominated to chair the CFTC following the removing of his first decide, Brian Quintenz, is predicted to go for a vote quickly. In keeping with the Senate calendar, the Agriculture Committee is scheduled to debate his nomination on Thursday.
Addressing DeFi, crypto enforcement, roles of company
The possible CFTC chair responded to questions from the committee chair, Senator John Boozman, who advocated for the company to take a number one function in regulating spot digital commodity markets. The senator’s remarks got here because the committee is predicted to contemplate a market construction invoice that will give the CFTC extra authority to manage crypto.
“The CFTC, and solely the CFTC, ought to regulate the buying and selling of digital commodities,” mentioned Boozman.
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The Arkansas senator questioned Selig about his potential strategy to decentralized finance if he have been to be confirmed, a problem that reportedly divided many lawmakers available on the market construction invoice.
“After we’re fascinated by DeFi, it’s one thing of a buzzword, however actually we ought to be seeking to onchain markets and onchain functions and fascinated by the options of those functions in addition to the place there’s an precise middleman concerned […]” mentioned Selig.
He added that it was “vitally essential that we’ve got a cop on the beat” in response to a query on regulating crypto, particularly spot digital asset commodity markets.
Democratic considerations about CFTC management
Senator Amy Klobuchar, the Democratic rating member of the Agriculture Committee, pressed Selig and different lawmakers on the management on the CFTC. Since September, performing Chair Caroline Pham has been the only real commissioner on the company, which normally has 5 members. Pham is predicted to resign ought to the Senate affirm Selig.
“The CFTC has operated a lot of the final yr with out a full complement of bipartisan commissioners, and has been working for months with solely an performing chairman,” mentioned Klobuchar. “This uncertainty surrounding the management on the CFTC has solely created extra chaos for individuals who depend on the CFTC.”
Selig mentioned it was “very worthwhile to have a range of viewpoints,” and would “work with whoever the president chooses to nominate.” As of Wednesday, Trump had not introduced any extra nominations for the CFTC commissioners, leaving 4 open seats if Selig have been to be confirmed and Pham have been to depart.
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