Close Menu
    Regulation

    Trump’s CFTC Chair Nomination Vote May Take Place Today

    Ethan CarterBy No Comments2 Mins Read
    1765482991



    Update (Dec. 11 at 7:35 pm UTC): This article has been revised to include a Thursday policy announcement from Caroline Pham.

    The leading Republican on the Senate Agriculture Committee stated that the full chamber might vote on US President Donald Trump’s nominee for chair of the Commodity Futures Trading Commission “possibly by this afternoon.”

    In a prepared remark for a Thursday hearing regarding CFTC reauthorization, Committee Chair Glenn Thompson announced that the Senate could potentially vote on Michael Selig’s nomination to head the agency on Thursday. This potential vote follows the Agriculture Committee’s recent advancement of Selig’s nomination along partisan lines.

    According to the Senate’s business calendar, a vote on Selig’s nomination was not listed on the agenda for Thursday. The chamber is anticipated to recess for the holidays on Dec. 22, providing lawmakers with a narrow window to confirm the prospective CFTC chair.

    Selig, who was nominated by Trump as CFTC chair in November after the withdrawal of his prior nominee, Brian Quintenz, appeared before lawmakers in a November hearing. The nominee stated it was “critical that [the CFTC] have a cop on the beat” to address crypto regulation and enforcement.

    Related: Crypto industry groups reflect on CFTC’s future post key withdrawal

    Acting CFTC Chair Caroline Pham has served as the sole commissioner at the financial regulator for several months, following the resignation or departure of all other leadership members due to term expirations. Pham is also expected to depart once the Senate confirms a replacement chair, potentially leaving Selig as the only member.

    Pham continues to advocate for crypto in her final days

    While it’s uncertain when Pham may leave the CFTC, the acting chair has persistently advanced the Trump administration’s agenda on digital assets, endorsing policies that benefit the industry and fostering closer ties with executives.

    On Thursday, the acting chair announced her intention to withdraw the CFTC’s “outdated” guidance on digital assets, asserting that it “penalizes the crypto industry and stifles innovation.”