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.
Source: Senate Agriculture Committee Republicans
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.
Selig was Trump’s second pick to chair the CFTC following the withdrawal of Brian Quintenz’s nomination. Selig will need support from at least 50 senators to be confirmed.
Related: CFTC’s Caroline Pham confirms push to greenlight leveraged crypto trading in US
Four commissioner seats are still open
Even if Selig were to be confirmed quickly, Trump has not announced any nominees to fill the two remaining Republican and two Democratic seats at the CFTC. Since September, Pham has served as the agency’s sole Republican commissioner.
Under Pham, the CFTC has been working to implement recommendations on digital asset regulation and policy as directed by the White House, in what the agency called a “crypto sprint.” The initiative has the CFTC working closely with the Securities and Exchange Commission to regulate and provide clarity on cryptocurrencies.
