U.S. Senate to Question CFTC Chair Nominee on Cryptocurrency Regulation

According to PANews, U.S. senators are set to question Michael Selig on Wednesday regarding his reform plans on cryptocurrency regulation and election prediction markets. Selig, nominated by U.S. President Donald Trump as the Commodity Futures Trading Commission (CFTC) chair, currently serves as the chief legal advisor for the SEC's cryptocurrency task force and advises Paul Atkins, the Republican SEC chairman appointed by Trump. If Congress passes the CLARITY Act, the CFTC, responsible for regulating the commodity derivatives market, will play a more active role in the cryptocurrency industry. Selig is expected to be questioned about the CLARITY Act and how the CFTC plans to collaborate with the SEC, as well as regulate markets that allow Americans to bet on election outcomes and other events. Traditionally, the CFTC is led by five bipartisan commissioners nominated by the president. Currently, the agency has only one commissioner, Republican Caroline Pham, who is serving as acting chair. Pham has stated that she will leave the agency once Trump's nominee for chair is confirmed.