TechFlow news, November 21 — According to The Block, the Senate Agriculture Committee voted along party lines 12 to 11 on Thursday to advance President Trump's nominee for Commodity Futures Trading Commission (CFTC) chair, Michael Selig. The nomination will now proceed to the full Senate for a final vote. This appointment is closely watched as Congress considers granting the CFTC broader regulatory authority over cryptocurrencies.
During his confirmation hearing on Wednesday, Selig was questioned by lawmakers about whether the CFTC would require additional funding to handle its digital asset oversight responsibilities. With only 543 full-time employees compared to the Securities and Exchange Commission’s (SEC) 4,200, Selig stated that upon taking office, he would assess whether the agency needs more resources.
Selig emphasized the need for clear rules for the crypto industry, balancing investor protection with enabling software developers and new exchanges to thrive. He said: "This is a real opportunity to put in place a framework where software developers can flourish, new exchanges can be established, investors are protected, and exchanges have the necessary controls."
