Trump's nominee for CFTC chairman, Selig, has been approved by the Senate committee.

According to Deep Tide TechFlow news on November 21, The Block reported that the U.S. Senate Agriculture Committee approved President Trump's nominee for the Commodity Futures Trading Commission (CFTC) chairman candidate Michael Selig( by a partisan vote of 12 to 11 on Thursday. The nomination will be sent to the full Senate for a final vote. This appointment is closely followed because Congress is considering granting the CFTC broader regulatory authority over Crypto Assets.

During the nomination hearing on Wednesday, Selig was questioned by lawmakers on whether the CFTC needs additional funding to address its regulatory responsibilities for digital assets. Compared to the SEC, which has 4,200 full-time employees, the CFTC currently has only 543 full-time employees. Selig stated that once he takes office as chairman, he will assess whether the agency needs extra funding.

Selig emphasized the need to establish clear rules for the Crypto Assets industry that protect investors while allowing software developers and new exchanges to thrive. He stated: “This is a real opportunity to create a framework that allows software developers to flourish, enables new exchanges to be established, protects investors, and ensures that exchanges have the necessary controls in place.”