On November 20, 2025, the Senate Agriculture Committee advanced Michael Selig’s nomination to chair the Commodity Futures Trading Commission (CFTC) in a 12-11 party-line vote, sending it to the full Senate for confirmation, per CoinoMedia. The approval came one day after Selig’s confirmation hearing, where he emphasized the CFTC’s role in digital asset regulation, including DeFi and tokenized products. Selig, currently chief counsel of the SEC’s Crypto Task Force and senior advisor to Chairman Paul Atkins, replaces acting Chair Caroline Pham. X posts from @Cointelegraph highlight the nomination’s progress, noting its implications for crypto oversight.
The vote underscores partisan tensions over crypto policy, with Republicans praising Selig’s expertise in blockchain innovation and market structure, while Democrats expressed concerns about his potential leniency on volatile markets. Chairman John Boozman (R-AR) called it a “critical opportunity” for digital asset legislation. Selig, Trump’s second CFTC nominee after Brian Quintenz’s withdrawal, vowed to ensure disclosure and compliance match traditional markets, addressing jurisdictional overlaps with the SEC. Crypto advocates like Coinbase’s Paul Grewal support Selig, citing his backing for market structure bills.
Selig, a former CFTC attorney (2014–2015) and partner at Willkie Farr & Gallagher, brings deep experience in derivatives and digital assets. At the SEC since March 2025, he has advised on crypto task force initiatives, including spot commodity trading for Bitcoin and Ether. During the hearing, Selig addressed conflicts of interest and pledged to regulate crypto futures and spot markets responsibly. Acting Chair Pham congratulated Selig on X, expressing confidence in his leadership for ag and energy constituents.
The full Senate vote could occur soon, potentially confirming Selig before year-end, per. If approved, Selig would lead a five-member commission with expanded authority over crypto, amid bills granting CFTC oversight of spot markets, per. This could accelerate institutional adoption, unlocking $1T in capital by 2026, per. Bitcoin (BTC) ($113,234) and Ethereum (ETH) ($4,070) remain stable, according to CoinMarketCap, but clarity could drive BTC to $150,000, according to Techopedia. Investors should monitor Senate proceedings on senate.gov and diversify into USDC with stop-losses below BTC’s $112,000, per TradingView. Follow @TheBlock__ on X for updates.
