Prospective CFTC chair addresses DeFi regulation at nomination hearing

Turner Wright 2 minutes ago Prospective CFTC chair addresses DeFi regulation at nomination hearing Michael Selig said he supported having a “cop on the beat” for digital asset markets and answered questions about how he would handle regulation as the sole CFTC commissioner. Listen 0:00 11 News COINTELEGRAPH IN YOUR SOCIAL FEED Michael Selig, who serves as chief counsel for the crypto task force at the US Securities and Exchange Commission, faced questions from lawmakers on the Senate Agriculture Committee for his nomination to be the next chair of the Commodity Futures Trading Commission. On Wednesday, Selig appeared before the committee and addressed questions and concerns from lawmakers on both sides of the aisle regarding his potential conflicts of interest, policy views and experience as the next CFTC chair, succeeding Caroline Pham. Michael Selig addressing lawmakers on Wednesday’s confirmation hearing. Source: US Senate Agriculture Committee In his opening statement, Selig said he had advised a wide range of market participants, including digital asset companies, and warned against the agency taking a regulation-by-enforcement approach, stating that it would drive companies offshore. “We’re at a unique moment in the history of our financial markets,” said Selig. “A wide range of new technologies, products, and platforms are emerging [...] the digital asset economy alone has grown from a mere curiosity to a nearly $4 trillion market.” The confirmation of Selig, whom US President Donald Trump nominated to chair the CFTC following the removal of his first pick, Brian Quintenz, is expected to head for a vote soon. According to the Senate calendar, the Agriculture Committee is scheduled to discuss his nomination on Thursday. Addressing DeFi, crypto enforcement, roles of agency The prospective CFTC chair responded to questions from the committee chair, Senator John Boozman, who advocated for the agency to take a leading role in regulating spot digital commodity markets. The senator’s remarks came as the committee is expected to consider a market structure bill that would give the CFTC more authority to regulate crypto. “The CFTC, and only the CFTC, should regulate the trading of digital commodities,” said Boozman. Related: SEC’s ‘future-proofing’ push to shape how much freedom crypto enjoys after Trump The Arkansas senator questioned Selig about his potential approach to decentralized finance if he were to be confirmed, an issue that reportedly divided many lawmakers on the market structure bill. “When we’re thinking about DeFi, it’s something of a buzzword, but really we should be looking to onchain markets and onchain applications and thinking about the features of these applications as well as where there’s an actual intermediary involved [...]” said Selig. He added that it was “vitally important that we have a cop on the beat” in response to a question on regulating crypto, specifically spot digital asset commodity markets. Democratic concerns about CFTC leadership Senator Amy Klobuchar, the Democratic ranking member of the Agriculture Committee, pressed Selig and other lawmakers on the leadership at the CFTC. Since September, acting Chair Caroline Pham has been the sole commissioner at the agency, which usually has five members. Pham is expected to resign should the Senate confirm Selig. “The CFTC has operated much of the last year without a full complement of bipartisan commissioners, and has been operating for months with only an acting chairman,” said Klobuchar. “This uncertainty surrounding the leadership at the CFTC has only created more chaos for people who rely on the CFTC.” Selig said it was “very valuable to have a diversity of viewpoints,” and would “work with whoever the president chooses to appoint.” As of Wednesday, Trump had not announced any additional nominations for the CFTC commissioners, leaving four open seats if Selig were to be confirmed and Pham were to leave. Magazine: 2026 is the year of pragmatic privacy in crypto: Canton, Zcash and more # Government # Senate # SEC # CFTC # United States # DeFi # Regulation Add reaction