Senate Committee Moves Selig Nomination Forward as Debate Over CFTC and Crypto Intensifies
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TLDR: Senate committee advances Selig as CFTC and crypto debate accelerates across trading circles. Market demand for onchain derivatives increases pressure on CFTC rulemaking choices. Posts from Pedersen and Chervinsky frame the vote as a key policy inflection point. Retail access concerns sharpen industry focus on upcoming Senate floor action. The Senate Agriculture Committee advanced Mike Selig’s nomination for CFTC Chair on a tight 12–11 vote. No Democrats supported the move, according to reporter Brendan Pedersen. The nomination now heads to the Senate floor for a broader decision. The shift comes as the debate over CFTC and crypto gains new urgency across the market. CFTC and Crypto Policy Moves Into Focus The committee’s vote sparked immediate industry attention as traders watched how the next chair might approach rulemaking. According to posts from Pedersen, the close margin underscored the political divide around the agency’s direction. News: The Senate Agriculture Committee advances the nomination of CFTC Chair Michael Selig on a 12-11 vote. No Democrats supported. Next stop is floor. — Brendan Pedersen (@BrendanPedersen) November 20, 2025 Market participants tracked the development because CFTC and crypto policy remains unsettled. The nomination signaled a potential turning point for rule changes tied to onchain activity. Commentary from Jake Chervinsky added context on why the agency matters for current demand. He noted that many widely used products fall under CFTC oversight due to their derivatives structure. He also pointed out that most platforms geofence the United States because they cannot meet the Commodity Exchange Act. His remarks framed the agency as a central force in shaping how crypto derivatives reach users. Chervinsky stressed that penalties for violations can be severe, which keeps many developers cautious. His analysis connected compliance gaps to the limited availability of certain services in the United States. He said the CFTC…
Filed under: News - @ November 22, 2025 6:12 am