Pro-Crypto CFTC Chair Nominee Won’t Commit to More Agency Resources or Dem Commissioners

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In brief CFTC chair nominee Mike Selig declined to say the agency needs more resources or Democrat commissioners as it prepares to regulate the crypto market. During a generally friendly confirmation hearing Wednesday, Democratic senators pressed Selig on CFTC staffing, budget, and minority-party commissioners. Selig’s stance could heighten Democrats’ concerns about granting the CFTC broad authority over crypto without guarantees about the agency’s bipartisan composition. During a generally friendly Senate confirmation hearing Wednesday, CFTC Chair nominee Mike Selig refused to say the agency needs more resources, even as the CFTC is poised to take on new duties in regulating the crypto market. And while not directly pushing back on the idea of non-Republican commissioners at the CFTC, as required by law, Selig would not commit to advocating for their inclusion. Selig, who currently serves as chief counsel for the SEC’s crypto task force, received a warm reception from both sides of the aisle during his confirmation hearing before the Senate Agriculture Committee on Wednesday afternoon. His nomination to lead the CFTC has been supported by the crypto industry, which could soon see much of its market activity fall under the regulator’s jurisdiction. But when pressed repeatedly about whether the CFTC—which has historically regulated sleepier agriculture futures—would need more resources to regulate the sprawling crypto spot market (and the exploding prediction market sector), Selig declined to commit to expanding the agency’s staff or budget.  “Whether we need more resources or not, once confirmed I will make that assessment,” Selig said in response to a line of questioning by Sen. Ben Ray Lujan (D-NM). “But I really think it would be irresponsible of me to pre-judge that issue.” Selig’s refusal to commit on the issue was notable, given both the top ranking Democrat and Republican on the Senate Ag Committee—Amy Klobuchar…