The nomination of Michael Selig to chair the US Commodity Futures Trading Commission (CFTC) is advancing toward a Senate vote following its approval by the Senate Agriculture Committee.

In a recent announcement, Senate Republicans indicated that the committee progressed Selig’s nomination after a hearing held on Wednesday. The approval was a party-line decision, with no Democratic senators backing Selig, who is nominated by President Donald Trump to succeed Caroline Pham, the current acting chair.

CFTC Nomination Source: Senate Agriculture Committee Republicans

During the hearing, Selig addressed senators on various topics including potential conflicts of interest and his stance on DeFi and digital assets. Paul Grewal, the Chief Legal Officer at Coinbase, supported Selig’s nomination, highlighting his backing for digital asset legislation currently progressing through Congress.

This marks Trump’s second attempt to appoint a CFTC chair after the withdrawal of previous nominee Brian Quintenz. To secure confirmation, Selig will need the support of at least 50 senators.

Four Commissioner Seats Await Nomination

Despite a potential swift confirmation for Selig, there remain two Republican and two Democratic commissioner positions unfilled at the CFTC, with Pham serving as the only Republican commissioner since September.

Under Pham, the CFTC has been actively implementing directives on digital asset regulations as part of a collaborative initiative with the Securities and Exchange Commission, termed the “crypto sprint.” This project intends to provide regulatory clarity for cryptocurrencies.