SKN | Senate May Vote Today on Trump’s CFTC Chair Nominee as Agency Faces Leadership Vacuum

Key Points

• The Senate may vote today on Michael Selig’s nomination, with a narrow window before the Dec. 22 recess.

• A confirmation would likely trigger Caroline Pham’s departure, leaving Selig temporarily as the sole CFTC commissioner.

• Pham is using her final days to reshape crypto policy, withdrawing guidance and placing top crypto CEOs on the regulator’s innovation council.

The U.S. Senate may move as early as today to confirm President Donald Trump’s pick to lead the Commodity Futures Trading Commission, setting the stage for a major shift in the federal government’s approach to crypto regulation. Michael Selig, a former derivatives lawyer known for his work on digital asset policy, is awaiting a full-chamber vote that could reshape the agency’s leadership heading into 2026.

The timing is critical: The CFTC is currently operating under a single commissioner, acting Chair Caroline Pham, after a wave of departures left the regulator at its thinnest leadership level in decades.

Senators Eye Accelerated Vote Ahead of Holiday Recess

Glenn Thompson, the top Republican on the Senate Agriculture Committee — the panel with jurisdiction over the CFTC — said Thursday that a vote on Selig’s nomination could happen “maybe as soon as this afternoon.” While the Senate’s published calendar does not yet list the vote, lawmakers face a narrow window, with the chamber set to adjourn for the holidays on Dec. 22.

Selig’s nomination advanced out of committee on a partisan vote earlier this month. He was tapped to replace Brian Quintenz, the administration’s initial nominee who withdrew before confirmation proceedings.

During his November hearing, Selig emphasized the need for a more assertive and modernized regulatory approach to digital assets, saying it remained “vitally important that the CFTC have a cop on the beat” in overseeing crypto derivatives markets.

Pham Expected to Exit, Leaving Selig to Rebuild the Agency

If confirmed, Selig would inherit a regulator in an unusual position: Acting Chair Caroline Pham has been the sole commissioner for months, a result of staggered terms expiring and resignations over the course of 2024 and 2025. Pham is expected to depart once a permanent chair is installed.

That could leave Selig briefly overseeing the CFTC alone, granting him outsized authority during the early months of his tenure as he begins rebuilding the commission’s roster.

The leadership vacuum has heightened concerns among market participants who rely on the CFTC for clarity on derivatives, commodities regulation and crypto market oversight.

Pham Pushes Final Crypto Agenda Before Departure

Despite her pending exit, Pham continues to advance an aggressive digital-asset agenda aligned with the Trump administration’s pivot toward industry engagement.

On Thursday, she announced plans to withdraw what she described as “outdated” CFTC guidance on digital assets, arguing the policy “penalizes the crypto industry and stifles innovation.” Pham also unveiled the new roster of the CFTC’s CEO Innovation Council, which now includes top executives from Kraken, Gemini, Bitnomial, Crypto.com, Polymarket and Kalshi — a list that underscores the industry’s increasing proximity to U.S. regulators.

The moves signal a regulator attempting to anchor digital assets more deeply within the agency’s policymaking structure, even as the leadership transition approaches.

A Pivotal Moment for U.S. Crypto Oversight

Confirmation of Selig would come at a time when the U.S. is reorganizing its regulatory perimeter around digital assets. The CFTC, an agency traditionally associated with derivatives markets, has taken on an expanded role in policing crypto trading activity and is expected to gain further authority under legislation advancing in Congress.

The strategic question for markets is whether a Selig-led CFTC leans more heavily into enforcement, modernization or structural deregulation — each carrying different implications for liquidity venues, institutional products and the evolution of U.S. crypto derivatives.

With the agency understaffed, financial markets are bracing for months of recalibration.