A Mike Selig-led push in Washington could split crypto oversight between two friendlier cops, CFTC on spot markets and an SEC that finally defines what is (and isn’t) a security.
Mike Selig, President Trump’s pick to lead the Commodity Futures Trading Commission, will appear before the Senate Agriculture Committee on November 19 for his confirmation hearing in Washington.
Congress is moving forward with a bill that would give the CFTC primary authority over digital-asset spot markets.
The effort, led by Senators John Boozman and Cory Booker, runs in parallel with new rulemaking at the SEC under Chair Paul Atkins.
Will Mike Selig’s Appointment Redefine the SEC-CFTC Power Balance?
The Senate Agriculture Committee’s notice lists Selig as the “Chairman and Commissioner” nominee.
The draft bill under review would expand the CFTC’s powers to regulate digital commodities, require coordination with the SEC, and provide new funding to build a formal spot-market oversight framework.
While Mike Selig is set to lead the CFTC, his background and current policy signals suggest a shift in Washington.
The SEC may soon limit its focus to actual securities and work more closely with the CFTC.
On Wednesday, SEC Chair Paul Atkins said the Commission plans to create a “token taxonomy” based on the Howey test.
He also mentioned a tailored exemption package for digital-asset sales.
Together, these steps suggest the SEC aims to set clear rules for when tokens are not securities and to coordinate with the CFTC on the rest.
The Boozman-Booker proposal would give the CFTC main authority over digital-commodity spot markets while requiring it to collaborate with the SEC.
The plan marks the clearest sign yet that US regulators are dividing crypto oversight into defined lanes, securities with the SEC, and decentralized network tokens with the CFTC.
“The CFTC is the right agency to regulate spot digital-commodity trading,” Senator John Boozman said.
Senator Cory Booker added that the bill “would give the CFTC new authority and the staff and funding it needs to manage this market responsibly.”
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How Could Mike Selig’s Testimony Shape US Crypto Policy Through 2026?
Selig’s confirmation hearing is scheduled for Wednesday, November 19, in Room G50 of the Dirksen Senate Office Building.
The Senate Agriculture Committee calendar confirms the date, following Politico’s report on the quick scheduling after his late-October nomination.
The move aims to settle years of disputes over exchange registration, custody rules, and enforcement overlap.
The pending bill would also set up a registration system for digital-commodity platforms, require segregation of customer funds, and establish conflict-of-interest standards.
It includes new fee structures to fund CFTC oversight and enforcement.
The bill’s sponsors say the goal is to protect consumers without holding back new ideas.
Markets barely reacted, showing little movement midweek as traders waited for hearing testimony and the SEC’s next draft proposal.
Lawmakers will be watching for details on how both agencies plan to handle definitions, exchange registration, and custody rules.
For the SEC, the timeline for releasing its “token taxonomy” proposal and how it addresses decentralization and when a token stops being a security will likely shape crypto policy through 2026.
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