The Trump-nominated CFTC chairman candidate Michael Selig was approved by the U.S. Senate Agriculture Committee vote

Techub News: According to The Block, the U.S. Senate Agriculture Committee approved Michael Selig, former President Trump's nominee for Chairman of the U.S. Commodity Futures Trading Commission (CFTC), by a vote of 12 to 11. The nomination will now proceed to the full Senate for a vote.

During the nomination hearing, Michael Selig was questioned by senators on whether the CFTC needs increased funding to handle its digital asset regulatory responsibilities. The CFTC currently has only 543 full-time employees, compared to the U.S. SEC's 4,200 employees. Michael Selig stated that, if confirmed as Chairman, he would assess the agency's funding needs.