Trump's nominee for CFTC chairman, Selig, has been approved by the Senate committee

According to The Block, the U.S. Senate Agriculture Committee approved President Trump's nominee for chairman of the Commodity Futures Trading Commission (CFTC), Michael Selig, by a partisan vote of 12 to 11 on Thursday. The nomination will be sent to the full Senate for a final vote. This appointment is closely watched as Congress considers granting the CFTC broader regulatory authority over cryptocurrencies.

During the nomination hearing on Wednesday, Selig was questioned by lawmakers about whether the CFTC needs increased funding to handle its digital asset regulatory responsibilities. Compared to the Securities and Exchange Commission (SEC), which has 4,200 full-time employees, the CFTC currently has only 543 full-time employees. Selig stated that once he assumes the chairmanship, he will assess whether the agency needs additional funding.

Selig emphasized the need for clear rules for the crypto industry that protect investors while allowing software developers and new exchanges to thrive. He stated, "This is a real opportunity to create a framework that allows software developers to flourish, enables new exchanges to be established, protects investors, and has the controls that exchanges should have."