Senate Agriculture Committee sets November 19 hearing as leadership vacuum and crypto regulation loom large
Senate to Review Michael Selig’s Nomination Amid Leadership Gap
The U.S. Senate Agriculture Committee has scheduled a hearing for November 19 to consider Michael Selig, President Donald Trump’s latest nominee to chair the Commodity Futures Trading Commission (CFTC). The move follows the withdrawal of the previous nominee, Brian Quintenz, whose confirmation process was derailed amid political disputes and lobbying pressure.
Selig, who currently serves as chief counsel for the crypto task force at the U.S. Securities and Exchange Commission (SEC), confirmed his nomination earlier this month on social media. His appointment signals a potential shift toward pro-crypto regulatory leadership at the CFTC — an agency increasingly central to digital asset oversight.
Controversy Surrounding First Nominee
Trump’s initial pick, Brian Quintenz, was nominated in February but faced mounting opposition. Hearings were delayed in July after reports emerged that Gemini co-founders Cameron and Tyler Winklevoss were lobbying for a different candidate. Quintenz later released private text exchanges with the twins, revealing their efforts to influence enforcement direction at the CFTC — an episode that intensified scrutiny of crypto industry lobbying in Washington.
With Quintenz out, Selig’s confirmation marks a second attempt to fill the long-vacant leadership seat at one of the country’s top financial regulatory bodies.
Leadership Vacuum and Looming Market Structure Reforms
Since September, acting CFTC Chair Caroline Pham has been the agency’s sole commissioner. She previously stated she plans to step down once a new chair is confirmed, raising the possibility that Selig could temporarily lead the CFTC as its only commissioner.
“The CFTC is facing one of its most pivotal moments,” said a policy analyst at a Washington think tank. “With crypto oversight expanding and market reform bills pending, strong leadership is critical for clarity and stability.”
Crypto Market Structure Bill May Define Future Oversight
Selig’s hearing comes as lawmakers advance the long-awaited CLARITY Act, a proposed market structure bill that aims to define how the SEC and CFTC divide regulatory authority over cryptocurrencies. The House of Representatives passed the bill in July, and the Senate Agriculture and Banking Committees are now reviewing it.
On Monday, Senate Republicans released a discussion draft of the legislation — the first progress in weeks due to the prolonged government shutdown. If enacted, the bill could reshape digital asset regulation by clarifying jurisdiction between securities and commodities regulators.
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