{"id":18179,"date":"2025-11-20T09:43:33","date_gmt":"2025-11-20T08:43:33","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=18179"},"modified":"2025-11-20T09:43:33","modified_gmt":"2025-11-20T08:43:33","slug":"cftc-chair-nominee-talks-defi-rules-at-confirmation-hearing","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/20\/cftc-chair-nominee-talks-defi-rules-at-confirmation-hearing\/","title":{"rendered":"CFTC Chair Nominee Talks DeFi Rules at Confirmation Hearing"},"content":{"rendered":"

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Michael Selig, the chief counsel for the crypto task force at the US Securities and Exchange Commission, took center stage recently as he faced lawmakers from the Senate Agriculture Committee. They were there to discuss his nomination as the next chair of the Commodity Futures Trading Commission (CFTC).<\/p>\n

This past Wednesday, Selig appeared<\/a> before the committee, engaging with questions from lawmakers across the political spectrum about potential conflicts of interest, his views on policies, and his experience to lead the CFTC, following Caroline Pham’s tenure.<\/p>\n

Michael Selig addressing lawmakers during Wednesday\u2019s confirmation hearing. Source: <\/em>US Senate Agriculture Committee<\/em><\/a><\/figcaption><\/figure>\n

In his opening remarks, Selig shared that he has advised a variety of market participants, including digital asset companies. He cautioned against a regulation-by-enforcement strategy, warning that it might push companies outside the US.<\/p>\n

\u201cWe\u2019re at a pivotal point in the story of our financial markets,\u201d Selig stated. \u201cA plethora of new technologies and platforms are springing up […] the digital asset economy has transformed from a curiosity into a nearly $4 trillion market.\u201d<\/p>\n

The confirmation vote for Selig, who was nominated by US President Donald Trump to chair the CFTC<\/a> after his first choice, Brian Quintenz, was removed, is anticipated soon. The Agriculture Committee has scheduled<\/a> to discuss his nomination on Thursday.<\/p>\n

Discussing DeFi, Crypto Enforcement, and Agency Roles<\/h2>\n

The future CFTC chair tackled questions from the committee chair, Senator John Boozman, who believes the agency should take the lead in regulating spot digital commodity markets. This conversation comes as the committee prepares to examine a market structure bill<\/a> that would grant the CFTC greater authority in the crypto space.<\/p>\n

\u201cOnly the CFTC should regulate the trading of digital commodities,\u201d emphasized Boozman.<\/p>\n

Related: <\/strong><\/em>SEC’s push to shape crypto regulations for the future<\/strong><\/em><\/a><\/p>\n

Senator Boozman then probed Selig about how he’d handle decentralized finance if confirmed, an issue that has divided many lawmakers<\/a> on the market structure bill.<\/p>\n

\u201cWhen we think about DeFi, it’s a buzzword, but we should focus on onchain markets and applications, considering their features and where intermediaries are involved,\u201d Selig explained.<\/p>\n

He further reiterated the need for \u201ca cop on the beat\u201d when it comes to regulating crypto, especially in spot digital asset trading.<\/p>\n