Michael Selig, the chief counsel for the crypto task force at the US Securities and Exchange Commission (SEC), appeared before the Senate Agriculture Committee as part of his nomination to lead the Commodity Futures Trading Commission (CFTC).
Lawmakers questioned him about his past work, policy approach, and readiness to replace Caroline Pham as chair.
Senator John Boozman, who leads the committee, used the hearing to emphasize that the CFTC should have clear authority over digital commodity trading. He said, “The CFTC, and only the CFTC, should regulate the trading of digital commodities”.
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Selig faced questions from both parties about whether his past work advising digital asset companies might create conflicts of interest. Lawmakers also asked how he would approach decentralized finance (DeFi).
In his opening statement, Selig described his experience working with a range of market participants and argued that regulation should focus on clear guidance rather than punishment.
He also noted, “We’re at a unique moment in the history of our financial markets. A wide range of new technologies, products, and platforms are emerging <…> the digital asset economy alone has grown from a mere curiosity to a nearly $4 trillion market”.
When asked about DeFi, Selig said that while DeFi is often used as a broad term, regulators should focus on how on-chain systems function and whether intermediaries are involved.
He stressed that not all blockchain-based platforms operate in the same way and that understanding their structure is key to effective oversight.
The SEC Chair Paul Atkins explained how the agency plans to approach oversight of digital assets while Congress reviews new market-structure proposals. What did he say? Read the full story.
