CFTC Chair Nominee Mike Selig Addresses Crypto Regulation and Agency Resources
Mike Selig, the nominee for chair of the Commodity Futures Trading Commission (CFTC), spoke at a Senate Agriculture Committee hearing on November 19, 2025. Selig, currently chief counsel for the SEC’s crypto task force and well-regarded across party lines, declined to say whether the CFTC currently needs additional resources to regulate the expanding crypto market. He stated he would assess the agency's resources more fully after his confirmation.
During the hearing, industry stakeholders and committee members discussed the implications of the burgeoning crypto space, including spot and prediction markets, and the ensuing regulatory responsibilities. Both Democrats and Republicans on the committee expressed support for increasing the CFTC's budget to address these challenges. Senator Ben Ray Luján emphasized the agency's need for adequate funding and staffing.
Selig did not commit to advocating for the appointment of minority-party commissioners, noting that such nominations are ultimately decided by the president, and he intends to honor those decisions. By law, the CFTC requires five commissioners with bipartisan representation — two from the party not in power. Currently, the agency has only one Republican acting chair and no clear Democratic nominees from the White House, raising bipartisan governance concerns amid the anticipation of new crypto market structure legislation.
This nomination comes after the White House earlier withdrew its first CFTC chair nominee, Brian Quintenz, amid controversies linked to comments made by crypto executives. Selig’s warm reception from both major parties and support from the crypto industry mark a significant moment for the future direction of CFTC leadership and crypto regulation.
