Gemini

Chair

Michael Selig, currently serving as chief counsel for the crypto task force at the US Securities and Exchange Commission, will face questioning from senators next week in a hearing to consider his nomination as chair of the Commodity Futures Trading Commission.
On Tuesday, the US Senate Agriculture Committee <a href="https://www.agriculture.senate.gov/hearings/nomination-hearing-11-19-2025" rel="noopener noreferrer nofollow" target="_blank">updated</a> its calendar to include Selig’s nomination hearing on Nov. 19. The notice came about two weeks after the SEC official <a href="https://cointelegraph.com/news/mike-selig-cftc-chair-nomination-questions" rel="noopener noreferrer nofollow">confirmed on social media</a> that he was US President Donald Trump’s next pick to chair the agency following the removal of Brian Quintenz.<iframe width="100%" height="315" src="https://www.youtube.com/embed/ry9MI57Pbjs?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
Hearings for Quintenz, whom Trump nominated in February, <a href="https://cointelegraph.com/news/senate-agriculture-committee-delay-brian-quintenz-cftc" rel="noopener noreferrer nofollow">were put on hold</a> in July amid reports that Gemini co-founders Cameron and Tyler Winklevoss were pushing another candidate. Quintenz later <a href="https://cointelegraph.com/news/brian-quintenz-cftc-texts-gemini-tyler-winklevoss" rel="noopener noreferrer nofollow">released private texts</a> between him and the Winklevoss twins, signaling that the Gemini co-founders were seeking certain assurances regarding enforcement actions at the CFTC.
Related: <a href="https://cointelegraph.com/news/who-is-michael-selig-trump-nominates-pro-crypto-lawyer-to-head-cftc" rel="noopener noreferrer nofollow">Who is Michael Selig? Trump nominates pro-crypto lawyer to head CFTC</a>
Since September, CFTC acting Chair Caroline Pham has been the sole commissioner at the financial agency, expected to have five members. Pham said earlier this year that she intends to depart the CFTC after the Senate votes on a new chair, suggesting that, if confirmed, Selig could be the lone leadership voice at one of the US’s most significant financial agencies.&nbsp;
<h2 id="us-senate-committee-releases-draft-market-structure-bill">US Senate committee releases draft market structure bill</h2>
Whether Selig is confirmed or not, the CFTC is expected to face significant regulatory changes regarding digital assets following the potential passage of a market structure bill.&nbsp;
In July, the US House of Representatives passed the CLARITY Act. The bill, expected to establish clear roles and responsibilities for the SEC and CFTC over cryptocurrencies, awaits consideration in the Senate Agriculture Committee and Senate Banking Committee before potentially going to a full floor vote.
On Monday, Senate Republicans on the agriculture committee <a href="https://cointelegraph.com/news/senate-ag-releases-crypto-market-structure-bill-draft" rel="noopener noreferrer nofollow">released a discussion draft</a> of the market structure bill, moving the legislation forward for the first time in weeks amid a government shutdown and congressional recess.
The agriculture committee oversees laws affecting commodities and the regulators responsible for them, such as the CFTC, while the banking committee has jurisdiction over securities and oversees the SEC.
Magazine: <a href="https://cointelegraph.com/magazine/elon-musk-grokipedia-far-right-or-necessary-wikipedia-competitor/" rel="noopener noreferrer nofollow">Grokipedia: ‘Far right talking points’ or much-needed antidote to Wikipedia?</a>

Prospective CFTC chair to face hearing after Trump pulls first pick

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