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Trump’s Pick Michael Selig Faces Senate as CFTC Modernizes Crypto Oversight
Trump’s CFTC Nominee Michael Selig Heads to Senate Amid Crypto Regulatory Shakeup – Michael Selig, President Donald Trump’s nominee to lead the Commodity Futures Trading Commission (CFTC), is scheduled for a full Senate confirmation vote as early as this afternoon, following a 12-11 party-line committee approval last month, congressional sources report.
Expanded Crypto Oversight on the Horizon
Selig’s potential leadership comes at a pivotal time for the CFTC, which has operated with only one seated commissioner since September, creating what analysts describe as severe leadership constraints. The nominee, currently chief counsel for the SEC’s Crypto Task Force, told senators during his November hearing that he aims to make the U.S. “the Crypto Capital of the World”, building frameworks that support innovation while enforcing market safeguards.
Regulatory Shakeups: Actual Delivery Rules Scrapped
In a parallel development, Acting Chair Caroline Pham announced the withdrawal of the agency’s 2020 “actual delivery” guidance for virtual currencies. The move eliminates compliance rules that required a 28-day asset possession standard, allowing Bitcoin, Ethereum, and other digital assets to fall under a technology-neutral regulatory framework. The change reduces hurdles for exchanges seeking to list new products.
Spot Crypto and Real-World Assets
This follows the CFTC’s authorization of spot crypto trading on federally regulated futures exchanges for the first time, bringing direct buying and selling of digital assets under federal oversight. Additionally, the agency launched its Crypto Sprint initiative, a pilot program allowing Bitcoin, Ether, and USDC as collateral in derivatives markets, giving regulators real-time visibility into tokenized assets. The CFTC also clarified that tokenized real-world assets like U.S. Treasuries and money market funds can be evaluated within existing frameworks.
Leadership Gaps and Legislative Coordination
Selig replaces the withdrawn nomination of former Commissioner Brian Quintenz. The CFTC has faced operational challenges after resignations from key leaders, including Chair Rostin Behnam and Commissioner Kristin Johnson, slowing policy coordination on spot crypto market oversight and legislation tied to the President’s Working Group on Digital Asset Markets. House Agriculture Committee Chairman Glenn Thompson plans to invite Selig early next year to discuss the agency’s agenda for its first reauthorization in over a decade.
With the Senate vote imminent, the crypto industry watches closely as the CFTC positions itself to expand regulatory authority and modernize oversight in a rapidly evolving market.
[…] that the CFTC release guidelines regarding the potential classification of cryptocurrency as commodities. Additionally, it recommended extending the agency’s earlier guidelines for the tangible […]