The post Michael Selig Moves Closer to CFTC Chair Role After Senate Vote appeared on BitcoinEthereumNews.com.

TLDR Michael Selig’s nomination to lead the CFTC advanced in the Senate Agriculture Committee by a 12-11 vote. Lawmakers are considering expanding the CFTC’s regulatory authority over digital assets through proposed legislation. Selig did not commit to immediate funding increases but stated he would assess the agency’s needs if confirmed. Selig emphasized the importance of clear crypto regulations that protect consumers and support innovation. The full Senate will now vote on Selig’s confirmation as CFTC chairman following the committee’s approval. The Senate Agriculture Committee on Thursday voted 12–11 to advance Michael Selig’s nomination to lead the CFTC. The vote followed his confirmation hearing held just one day earlier. The full Senate will now consider his confirmation. Committee Vote Moves Selig Closer to CFTC Chair Role The panel vote occurred along party lines, with Republicans backing Selig and Democrats opposing. Lawmakers moved swiftly after his Wednesday nomination hearing. The narrow margin reflects divisions on regulatory priorities. Selig’s nomination arrives amid discussions on giving the CFTC broader oversight powers over crypto. Bills in both chambers seek to expand the agency’s regulatory reach. These proposals would place the CFTC at the center of digital asset regulation. The agency currently has fewer staff than the SEC. The CFTC employs 543 people, while the SEC has over 4,000. Some senators questioned whether the CFTC could manage additional responsibilities without more resources. Senators Press Selig on Crypto Policy and Funding Needs During the hearing, lawmakers asked Selig if the CFTC needed a bigger budget to meet new responsibilities. Selig said he would assess funding needs after confirmation. He stated, “I would want to understand the agency’s operations before making recommendations.” Selig emphasized the need to create clear rules for crypto while supporting software development and investor protections. “We must build a framework for innovation and sound…

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Filed under: News - @ November 21, 2025 2:20 am