Senate Agriculture plans Thursday vote on Commodity Futures Trading Commission nominee

Olivia M. Bridges, CQ-Roll Call on Nov 19, 2025

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WASHINGTON — The Senate Agriculture Committee indicated Wednesday that Michael Selig, the new nominee to be the chairman of the Commodity Futures Trading Commission, would advance quickly as the panel eyes granting the CFTC authority over the cryptocurrency market.

The panel scheduled a vote on Selig for Thursday. He would replace CFTC acting Chairman Caroline Pham.

Chairman John Boozman, R-Ark., turned his attention at the top of Selig’s confirmation hearing on Wednesday to legislation aimed at regulating spot digital commodity trading for assets like bitcoin, ethereum and litecoin.

“The CFTC — and only the CFTC — should regulate the trading of digital commodities. This is because only the CFTC understands the unique characteristics of commodities and commodity-based contracts,” Boozman said.

Boozman along with Commodities, Derivatives, Risk Management and Trade Subcommittee ranking member Cory Booker, D-N.J., released a discussion draft on Nov. 10 that would grant the CFTC new authority to regulate the spot digital commodity market.

“While the CFTC has the right regulatory approach, expertise and skill set to handle this new responsibility, it is up to Congress to grant the agency this new authority to regulate spot digital commodity trading,” Boozman said. “Failure by Congress to do so will leave U.S. consumers vulnerable to bad actors and will keep the U.S. behind the rest of the world.”

The draft bill would grant the CFTC jurisdiction over a cash or spot agreement, contract or transaction. It also would require spot market trading facilities to register with the agency. The draft would authorize $150 million for oversight until the agency sets up an alternative funding stream through the collection of fees.

Selig said it would be premature to have a view on the additional funding that would be provided in the discussion draft.

The CFTC already has signaled its approach to digital asset markets. In a joint September statement with the Securities and Exchange Commission, the CFTC said “registered exchanges are not prohibited from facilitating the trading of certain spot commodity products.”

Selig is currently the SEC’s Crypto Task Force chief counsel and senior adviser to Chairman Paul Atkins. He started in March of 2025 after leaving New York law firm Willkie Farr & Gallagher LLP. He also was a member of Trump’s working group on digital assets.

“I think it’s a critical opportunity for this committee and for our country to move forward with digital asset market structure legislation. It’s been a priority of the president, and of course, is something that’s great for this country,” Selig said.

“We have so many entrepreneurs and builders and developers that have been pushed offshore, and this has been due to a lack of clarity. We need clear, simple guidelines; we need consumer protection; and we need to stop the regulation by enforcement,” he said.

“I think it’s vitally important, as I mention, that we have certainty, clarity and consumer protection in these markets. They’re being used by everyday Americans, and having real guardrails around what these markets look like is critical,” Selig said. “Once we get market structural legislation in place, I think it’s vitally important that we implement with haste because these markets are going to keep developing, and we have to keep in pace with the rapid speed of innovation.”

Sen. Ben Ray Luján, D-N.M., asked Selig if he would come to the committee if he finds the agency needs more staff and resources to oversee spot markets.

“Senator, of course, I will absolutely make that assessment. And if needed, I will be very happy to have those discussions,” Selig said.

Congress hasn’t yet agreed on fiscal 2026 appropriations for the agency. The House Agriculture Appropriations Subcommittee proposed $335 million, a cut of $30 million from fiscal 2025, but the item wasn’t part of the spending law enacted last week. It is slated to be part of the fiscal 2026 Financial Services appropriations measure. The Senate Financial Services Appropriations Subcommittee hasn’t proposed a fiscal 2026 spending bill.

The White House requested $410 million, noting that the appropriation would be offset by fee collections.

Selig is the second nominee the Trump administration tapped to lead the CFTC. Brian D. Quintenz, the previous nominee, was enmeshed in a clash with Tyler Winklevoss, one of Gemini Trust Company LLC’s twin co-founders. The clash ultimately resulted in Quintenz being dropped as Trump’s pick to head the agency.

The CFTC has only one commissioner currently on a five-person board.

“The CFTC has operated much of the past year without a full complement of bipartisan commissioners, and has been operating for months with only an acting chair,” Senate Agriculture ranking member Amy Klobuchar, D-Minn., said. “This uncertainty surrounding the leadership at the CFTC has only created more chaos for people who rely on the CFTC.”

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