Prospective CFTC chair’s nomination advances through committee

Acting CFTC Chair Caroline Pham may be one step closer to leaving the agency after the Senate Agriculture Committee advanced US President Donald Trump's pick to replace her.

Michael Selig’s nomination to chair the US Commodity Futures Trading Commission is headed for a vote on the Senate floor after clearing a committee hurdle. 

In a Thursday notice, Republican leaders with the Senate Agriculture Committee said they had advanced Selig’s nomination following a Wednesday hearing. The vote was reportedly along party lines, with no Democrats supporting Selig as US President Donald Trump’s pick to replace acting Chair Caroline Pham.

The prospective CFTC chair answered questions from senators on Wednesday regarding potential conflicts of interest, his policy positions on DeFi and digital assets and the dearth of leadership at the federal agency. Coinbase chief legal officer Paul Grewal supported his confirmation, citing Selig’s support for a digital asset market structure bill moving through Congress.

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