The U.S. Senate Agriculture Committee has scheduled a confirmation hearing for Michael Selig, President Trump’s nominee to lead the Commodity Futures Trading Commission (CFTC), for November 19, 2025. This hearing, set just weeks after his nomination, signals a swift move to fill a critical regulatory post. The hearing coincides with significant congressional action, as a bipartisan draft bill that would grant the CFTC expansive new powers over the spot crypto market was recently unveiled.
A Hearing Set for a Pivotal Moment
The nomination of Michael Selig to become the next Chairman of the CFTC is progressing rapidly. The hearing is set for November 19, 2025, at 3:00 PM ET in the G50 Dirksen Senate Office Building. This expedited schedule, coming just 12 days after the formal nomination, underscores the urgency from lawmakers to staff the agency. The hearing arrives as the Senate Agriculture Committee, which has jurisdiction over the CFTC, is actively seeking industry feedback on a landmark market structure bill.
Selig brings relevant expertise to the role. He is currently the Chief Counsel of the SEC’s Crypto Task Force and a Senior Advisor to SEC Chair Paul Atkins. His background also includes time in private practice and an early career clerkship at the CFTC, giving him a well-rounded perspective on both securities and commodities regulation.
Regulatory Clarity on the Horizon
The context for Selig’s hearing is profoundly shaped by concurrent legislative efforts. On November 10, 2025, Senators John Boozman (R-AR) and Cory Booker (D-NJ) released a bipartisan discussion draft of a crypto market structure bill. This proposal aims to create clear regulatory guardrails and could fundamentally reshape how digital assets are overseen in the United States.
A cornerstone of the draft bill is the classification of major cryptocurrencies like bitcoin and ether as “digital commodities,” which would explicitly place them under the CFTC’s purview. The legislation would empower the CFTC to register and oversee centralized trading platforms as “Digital Commodity Exchanges”, establish new customer protection rules, and require firms to segregate customer funds. The bill also proposes that the CFTC be allowed to collect fees from regulated entities to fund its new oversight responsibilities.
Implications for the Digital Asset Market
This regulatory shift promises to have significant consequences. For institutional investors and fiduciaries, having a federal statute that clearly defines the regulatory status of major digital assets would provide the legal certainty needed to make strategic allocations. The proposed rules could also challenge the common “all-in-one” business model of crypto exchanges, potentially requiring the separation of functions like trading, brokerage, and custody to align more closely with traditional finance standards.
However, challenges remain. Key issues, including specific rules for decentralized finance (DeFi) and anti-money laundering requirements, are still bracketed in the draft bill, indicating they are subjects of ongoing negotiation. Furthermore, the CFTC itself is currently understaffed; if confirmed, Selig could initially be the sole commissioner leading an agency tasked with dramatically expanded responsibilities.
The confirmation hearing for Michael Selig is more than a routine appointment; it is a key step in a coordinated effort to define the future of crypto regulation in the U.S. The outcome will be crucial for everyone from institutional treasuries to trading platforms, potentially unlocking new institutional participation while imposing a more structured regulatory environment.
