US CFTC Chairman nominee Michael Selig approved by Senate Agriculture Committee

Foresight News: According to The Block, the U.S. Senate Agriculture Committee yesterday approved, by a vote of 12 to 11, the nomination of Michael Selig—nominated by Trump—as Chairman of the Commodity Futures Trading Commission (CFTC). The nomination will now be submitted to the full Senate for a vote.

At Wednesday's nomination hearing, Michael Selig was questioned by senators about whether the CFTC needs additional funding to fulfill its digital asset regulatory responsibilities. The CFTC currently has only 543 full-time employees, while the U.S. Securities and Exchange Commission (SEC) has 4,200 employees. Michael Selig stated that, once he assumes the chairmanship, he will assess the agency's funding needs.