Senate Panel advances Michael Selig to lead the CFTC

Lawmakers are weighing proposals to expand the CFTC’s authority over parts of the crypto industry, and the growth of prediction markets is testing the line between federal commodity rules and state gambling laws.

If confirmed, Selig would lead an agency preparing for a broader workload. The CFTC, long focused on swaps and derivatives, is confronting new issues as sports-related prediction contracts gain traction and crypto trading platforms seek clearer federal rules. The commission’s five-member panel is vacant except for acting Chairman Caroline Pham.

Selig has served as chief counsel to the Securities and Exchange Commission’s crypto task force in the second Trump administration and earlier as a senior advisor to SEC Chairman Paul Atkins, who has emphasized coordination with the CFTC on digital asset oversight.

Prediction markets are a near-term test. Kalshi has drawn opposition from casino companies, Native American tribes, and state regulators who argue that federal commodity rules are being used to compete with state-licensed sportsbooks. The American Gaming Association has urged senators to ask Selig about sports-related contracts that account for substantial trading on some platforms. In Nevada, a federal judge recently indicated support for state regulators seeking to block Kalshi’s sports offerings, and the firm faces similar disputes in more than a dozen states.

Financial disclosures show Selig joined the SEC from Willkie Farr & Gallagher, where clients included eToro Group Ltd. and crypto venture firm Paradigm. The filings report sales of between $65,000 and $150,000 of Bitcoin and between $15,000 and $50,000 each of Ether and Solana.

Selig is the second nominee for CFTC chair this year. The White House withdrew the earlier nomination of Brian Quintenz, a senior executive at a16z crypto, after Gemini co-founder Tyler Winklevoss raised conflict concerns tied to Quintenz’s role on Kalshi’s board.

The full Senate will next consider Selig’s nomination.

As we reported earlier, Sens. John Boozman and Cory Booker unveiled a Nov. 10, 2025 discussion draft to shift oversight of crypto market structure to the CFTC, classifying most tokens as digital commodities and assigning the agency market rules, registrations, disclosures, and fee authority. It highlights staffing and governance at the five-member commission, now led by Acting Chair Caroline Pham; additional nominees are pending, and Pham is expected to depart once Selig is confirmed. Banking Chair Tim Scott welcomed release, and the House passed a related bill this year; at least seven Senate Democrats are needed to clear a filibuster.