Michael Selig, who currently serves as Chief Counsel for the Crypto Task Force at the US Securities and Exchange Commission, will face questioning from senators next week at a hearing to consider his nomination as chairman of the commission to trade commodity futures.
On Tuesday, the US Senate agriculture committee Updated Its calendar to include Selig’s hearing on November 19. The notice came about two weeks after the SEC official confirmed on social media That he is US President Donald Trump’s next choice to lead the agency following the firing of Brian Quintenz.
https://www.youtube.com/watch?v=ry9mi57pbjs
The hearings for Quintenz, who was nominated by Trump in February, was touched In July amid reports that Gemini co-founders Cameron and Tyler Winklevoss were pushing for another candidate. Quintenz later Private texts released Between him and the Winklevoss Twins, who signed that the co-founders of Gemini are looking for some assurances about enforcement actions at the CFTC.
Related: Who is Michael Selig? Trump nominates pro-crypto lawyer to lead CFTC
Since September, acting CFTC chair Caroline Pham has been the sole commissioner at the financial agency, expected to have five members. Pham said earlier this year that he intended to leave the CFTC after the Senate votes on a new seat, suggesting that, if confirmed, Selig could become the voice of leadership at one of the most important US financial agencies.
The US Senate Committee released the draft market structure
Whether or not SELIG is confirmed, the CFTC is expected to deal with significant regulatory changes regarding digital assets following the potential passage of a market structure bill.
In July, the US House of Representatives passed the Clarity Act. The bill, expected to establish clear roles and responsibilities for the SEC and CFTC on cryptocurrencies, awaits consideration in the Senate Agriculture Committee and Senate Banking Committee before potentially going to a full floor vote.
On Monday, Senate Republicans on the Agriculture Committee released a discussion draft of the market structure bill, moving the legislation forward for the first time in weeks amid a government shutdown and congressional recess.
The Agriculture Committee oversees laws affecting commodities and the regulators responsible for them, such as the CFTC, while the banking committee has jurisdiction over securities and oversees the SEC.
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