CFTC nominee for next chairman "Virtual asset regulation, the agency's core mission"

Mike Selig, the nominee for the next chairman of the U.S. Commodity Futures Trading Commission (CFTC), said at a Senate confirmation hearing that virtual asset (cryptocurrency) regulation would be a core mission of the agency.

On the 20th (local time), according to virtual-asset focused media CoinDesk, Selig said, "The CFTC has a significant mission to protect the digital asset market," calling it "an opportunity to establish a regulatory framework suited to the virtual asset market." He emphasized the need for regulation across the entire structure of the virtual asset market, including the establishment of new exchanges, investor protection measures, and the creation of disclosure standards.

Selig recently served on the SEC's 'Crypto Task Force' handling digital asset policy. At the hearing, questions continued about the overall structure of the virtual asset market, including DeFi, developer responsibility, and whether intermediaries are present.

He responded, "As blockchain enables a variety of applications, rather than simply grouping them as 'DeFi', we should approach them based on the actual on-chain market functions and whether intermediaries exist."

The CFTC is currently led by acting head Caroline Pham, but with President Trump's new nomination, Selig may take over the commission as a sole commissioner. CoinDesk reported, "While efficiency may increase due to many vacancies on the commission, legal challenges have been raised about a structure in which a single commissioner makes decisions."

The issue of commission staff reductions was also discussed. With the recent federal government downsizing trend, CFTC staff has decreased by about 20% while digital asset regulatory work is expanding. Selig said, "I will assess the situation and then review the necessity," leaving plans to increase staff on hold.

On questions related to Bitcoin mining, he said, "Mining is a very important infrastructure," and "We must build and protect such infrastructure within the United States."

Meanwhile, the hearing may move to a full Senate vote after additional review on the afternoon of the 20th (local time).