Vote on Trump’s CFTC chair pick could come today, US senator says
Analysis
Price Impact
MedThe cftc is a key regulator for crypto derivatives. the appointment of a new chair will shape the agency's approach to digital asset regulation and enforcement, which can significantly influence market sentiment and operational frameworks for crypto businesses.
Trustworthiness
HighThe information is reported by cointelegraph, citing a us senator's statement regarding a potential vote, which suggests a high degree of immediacy and credibility.
Price Direction
BearishMichael selig, trump's pick, has stated it's 'vitally important that [the cftc] have a cop on the beat' for crypto regulation and enforcement. this stance suggests a potentially stricter regulatory environment compared to acting chair caroline pham, who has been more industry-friendly. his confirmation could signal increased scrutiny and enforcement actions, which often leads to a bearish sentiment in the short to medium term.
Time Effect
LongWhile the vote could happen soon, the actual impact of a new cftc chair on policy and market dynamics will unfold gradually over months or even years as new regulations are proposed, enforced, and industry adapts.
Original Article:
Article Content:
Turner Wright 1 minute ago Vote on Trump’s CFTC chair pick could come today, US senator says Senators could vote on Michael Selig's nomination to head the CFTC, which, if successful, is expected to lead to the departure of acting Chair Caroline Pham. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED The top Republican on the Senate Agriculture Committee said the full chamber could vote on US President Donald Trump’s pick to chair the Commodity Futures Trading Commission “maybe as soon as this afternoon.” In a prepared statement for a Thursday hearing on CFTC reauthorization, Committee Chair Glenn Thompson said the Senate could vote on Michael Selig’s nomination to chair the agency on Thursday. The potential vote would come just a few weeks after the Agriculture Committee advanced Selig’s nomination to the full chamber, along partisan lines. According to the Senate’s calendar of business, a vote on Selig’s nomination did not appear on the schedule for Thursday. The chamber is expected to break for the holidays on Dec. 22, giving lawmakers a limited window to confirm the prospective CFTC chair. Selig, whom Trump nominated as CFTC chair in November following the withdrawal of his former pick, Brian Quintenz, faced lawmakers in a November hearing. The prospective chair said it was “vitally important that [the CFTC] have a cop on the beat” for addressing crypto regulation and enforcement. Related: Crypto industry groups weigh in on CFTC's future after key withdrawal Acting CFTC Chair Caroline Pham has been the sole commissioner at the financial regulator for months, following the resignation or departure of every member of its leadership due to their terms expiring. Pham is also expected to leave once the Senate confirms a replacement chair, potentially leaving Selig as the sole member. Pham is still pushing for crypto in her final days Although it’s unclear when Pham may leave the CFTC, the acting chair has continued to push the Trump administration’s agenda on digital assets by advocating for policies that favor the industry and bringing executives in closer. On Wednesday, Pham announced that the CFTC’s CEO Innovation Council would include the heads of Kraken, Gemini, Bitnomial, Crypto.com, Polymarket and Kalshi. Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice # Politics # Senate # Bitcoin Regulation # CFTC # Voting # Regulation Add reaction