Senate confirms CFTC Chair pick Michael Selig as agency takes larger role regulating crypto

The U.S. Senate voted to advance President Donald Trump’s nominee, Michael Selig, to lead the Commodity Futures Trading Commission, as the agency prepares to take on a larger role in regulating cryptocurrency markets.

The Senate voted 53 on 43.

Trump tapped Selig to lead the CFTC in October following a rocky nomination process for his previous pick Brian Quintenz, policy lead at a16z. That pick faced criticism from some industry insiders, including Gemini's Tyler and Cameron Winklevoss, over concerns about conflicts of interest. Two scheduled votes to move forward with Quintenz were canceled over the summer, and his nomination was ultimately dropped.

Selig has experience at the Securities and Exchange Commission as its chief counsel for the SEC's Crypto Task Force and was a partner specializing in crypto at the law firm Willkie Farr & Gallagher.

He will be at the helm of the CFTC at a pivotal moment, as lawmakers consider legislation that would place the agency at the center of federal crypto regulation. Bills in the House and Senate would give the agency broader authority over the industry. The CFTC has asserted its position in crypto trading, allowing the first exchange to list regulator-approved spot crypto products earlier this month.

During his confirmation hearing in the Senate Agriculture Committee last month, Selig spoke about the need for clearer rules for crypto, while balancing consumer protection and allowing software developers to innovate. Senators asked him questions about whether the CFTC needed more funding as it's set to take on a more central role in regulating crypto.

The CFTC has 543 full-time staff compared to 4,200 at the SEC. Selig demurred and said that once he becomes chair, he would be able to see if the agency needs more funding.

On Thursday, the Senate also voted to confirm the nomination of Travis Hill as the chairman of the Federal Deposit Insurance Corporation. He has been serving as acting chairman of the FDIC since January.