SENATE COMMITTEE ON AGRICULTURE, NUTRITION, & FORESTRY
Nomination Hearing
For questions on the note below, please contact the Delta Strategy Group team.
On November 19, the Senate Committee on Agriculture, Nutrition, and Forestry held a hearing to consider the nomination of Michael Selig to serve as Chairman of the Commodity Futures Trading Commission (CFTC).
Below is a summary of the hearing prepared by Delta Strategy Group. It includes several high-level takeaways, followed by summaries of opening statements and discussion.
Key Takeaways
- Senators, led by Chairman Boozman (R-AR), questioned Selig about his experience working with agricultural stakeholders and how he would balance emerging market issues while maintaining strong attention to agricultural risk-management markets. Selig reiterated his commitment to maintaining an open-door policy for traditional market issues, such as sponsoring the Agricultural Advisory Committee, appointing a dedicated agricultural advisor, and restoring the Kansas City agriculture convention.
- Chairman Boozman raised the Committee’s portion of a bipartisan regulatory framework for digital asset markets. He highlighted that the CFTC, and only the CFTC, is the proper agency to regulate spot digital commodity trading, noting its pragmatic, principles-based approach to regulation and constructive dialogue with regulated entities.
- Selig cautioned that excessive regulation, particularly on intermediaries that producers rely on to manage and hedge their risk, with the effect of reducing market access and increasing volatility. He noted that some intermediaries have faced regulatory burdens that ultimately increase costs for end users and stated he would review existing requirements to ensure they are essential and clearly communicated. He emphasized the value of establishing simple, transparent rules that support risk management paired with the minimum effective dose of regulation, underscoring the need for a balanced approach that maintains market integrity without creating unnecessary barriers.
- Concerns were raised, led by Ranking Member Klobuchar (D-MN), regarding the CFTC’s limited resources and whether it can effectively take on new authorities, citing how it has lost twenty percent of its staff. Selig was questioned about whether the CFTC would need more funding and staff to oversee digital spot markets, with him committing to address any needs with Congress, but also noting how the CFTC can do more with less by using technology. Discussions raised the importance of having two Democrats and two Republicans serving on the Commission to ensure balance, with Selig emphasizing the importance of and committing to having a diversity of viewpoints.
- When asked about the legality of event contracts and prediction markets regarding sports betting and the legal position on gaming, Selig stated that he will look towards the courts and judicial rulings to address these if he is confirmed, in addition to noting how areas may be congressional issues as to whether statutes must be changed. Senator Smith (D-MN) referenced the 2018 Supreme Court decision that gave states the authority to legalize sports betting, in addition to the Indian Gaming Regulatory Act, as Senators Slotkin (D-MI), Schiff (D-CA), and Booker (D-NJ) called for Selig to meet with the tribes.
SUMMARY
Opening Statements and Testimony
Chairman John Boozman (R-AR)
Well-regulated, liquid, and resilient derivatives markets are an essential risk management tool in the toolbox for our producers to manage risks. The CFTC has historically taken a pragmatic, principles-based approach to regulation and engaged in constructive dialogue with regulated entities and market participants. This approach, combined with diligent policing of the cash and derivatives commodity markets, has resulted in trust in the CFTC and the deepest, most liquid derivatives market in the world. The CFTC’s regulatory regime is time-tested and has helped the derivatives market serve as the gold standard in terms of withstanding external shocks, and the CFTC staff have developed deep expertise in the derivatives market. Emerging markets such as crypto, derivatives, and event contracts have grown in size, and Congress is actively working on granting the CFTC authority to regulate the spot digital commodity markets. Attention to the nuances that come with emerging markets, while ensuring focus on agricultural risk management markets is essential. It is my expectation that CFTC leadership will strike this balance. While the CFTC has the right regulatory approach, expertise, and skill set to handle this new responsibility, it is up to Congress to grant the agency this new authority to regulate spot digital commodity trading. Failure by Congress to grant this authority to the CFTC will leave consumers vulnerable to bad actors and keep the U.S. behind the rest of the world. Absent a comprehensive U.S. regulatory framework, bad actors will continue to go unchecked, and legitimate entities will be disincentivized from participating in U.S. markets. This Committee has an opportunity to advance its portion of a regulatory framework that protects U.S. customers, allows businesses to grow, and recognizes the importance of innovative blockchain technology and fundamental principles like the right to self-custody.
Ranking Member Amy Klobuchar (D-MI)
The role of the CFTC could not be more critical, as on-again off-again tariffs, rising input costs, and market fluctuations have created chaos for farmers and businesses, who need a well-functioning and reliable derivatives market to manage their risk. In addition to traditional commodities markets, the CFTC has also seen significant growth in new markets, such as those for event contracts, with trading volumes going from essentially non-existent to billions of dollars per month. This Committee is contemplating a discussion draft of legislation that would give the CFTC regulatory authority over spot markets in digital assets. In addition to new technologies, the CFTC is also confronting broader shifts in the market structure, including the influence of non-traditional intermediaries, the rise of vertically integrated operations, and moves to increased trading hours. These developments raise important questions about the scope of the CFTC’s oversight and its ability to respond swiftly and effectively to risks in complex and fast-moving markets. To tackle these challenges head-on, it is in the public interest that the CFTC not only have a confirmed Chairman but also a fully functioning Commission, and that would include two Democratic appointees. This uncertainty surrounding the leadership at the CFTC has only created more chaos for people who rely on it. It is also essential that the CFTC has institutional capacity, both in staffing and resources, to fulfill its mandate in facing existing and emerging challenges as well as opportunities. The CFTC has lost about twenty percent of its staff, so it is critical that you ensure that the CFTC is able to maintain the U.S. derivatives market position as the deepest and most liquid in the world, and that the CFTC can provide robust protections for U.S. consumers, farmers, and businesses.
Michael Selig
U.S. farmers, ranchers, energy producers, and commercial businesses rely on futures and swaps for price discovery and risk management, with the CFTC’s vital responsibility to oversee the stability and security of these markets and protect consumers from fraud and manipulation. During my years in private practice, I advised a wide range of market participants subject to regulation by the CFTC, from commercial end users such as agriculture, livestock, and energy businesses to financial institutions like futures commission merchants (FCMs), swap dealers, and exchanges, to new entrants including digital asset firms. I have seen firsthand how regulators, unaware of the real-world impact of their actions and zeal for regulation by enforcement, can drive businesses offshore and smother entrepreneurs in red tape. I recall helping an agricultural firm that was forced to divert significant time and resources from its business to defend itself in an extensive investigation into harmless errors in its swap data reporting. Everyday Americans pay the price for these regulatory failures. I am committed to instilling common sense, principles-based regulation that facilitate well-functioning markets and keep pace with the rapid speed of innovation. We are at a unique moment in the history of our financial markets, with a wide range of new technologies, products, and platforms emerging. Vertical integration is becoming more prevalent, and we are seeing unprecedented retail participation in the commodity markets. We can seize this opportunity to modernize and future-proof our approach to financial regulation and ensure the innovations of tomorrow are made in America. If confirmed, I commit to you that the CFTC will have a steady hand at the wheel, and pledge to work tirelessly with this Committee to facilitate well-functioning markets, promote competition and innovation, and ensure the CFTC remains a world-class regulator.
DISCUSSION
Chairman Boozman (R-AR): What key considerations should we weigh in digital asset legislation, and why do you feel the CFTC is the right regulator for spot digital commodity trading? How should we think about DeFi and ensure that activities with respect to technology are not subject to inappropriate intermediary registration regimes? Selig: It has been a priority for the President and is great for this country. We have so many entrepreneurs and developers who have been pushed offshore, and this is due to the lack of clarity. We need clear and simple guidelines, consumer protections, and to stop regulation by enforcement. This is an opportunity to develop a framework that will allow software developers to thrive, new exchanges to pop up that are going to protect investors and have the types of controls expected in an exchange, and to make sure we have the right disclosures and requirements typically had in financial markets. With DeFi, we should be looking to on-chain markets and applications, thinking about the features of such, as well as where there is an actual intermediary or operator involved as in many cases there may not be.
Chairman Boozman (R-AR): How will you balance emerging market issues while maintaining focus on agriculture risk management markets? Selig: I am very glad to have the support of about twenty of the large trade groups in the agricultural space. It is very important that our producers have proper risk management tools available to them that are regulated by a market regulator like the CFTC. My commitment to the agricultural world is that I will always have an open door. I am committed to being the sponsor and overseeing the Agricultural Advisory Committee, as well as to take a tour across the country as it is really important to be on the ground. I also plan to have a dedicated adviser in my office that will be an agriculture adviser who will advise me on these issues day-to-day, and plan to restore the Agriculture Convention that has been historically in Kansas City.
Chairman Boozman (R-AR): Can you describe the importance of principles-based regulation? Selig: Principles-based regulation came out of the Commodity Futures Modernization Act (CFMA) and has been a great innovation in regulation. It has allowed for exchanges and market participants to have flexibility in how they comply with certain core principles that ensure our markets have integrity, are resilient, and vibrant as well as protect investors from fraud and manipulation. The general guidelines are there, but the exchanges and market participants can figure out the best way to comply. That allows for innovation in the business sector, and for innovation with the regulators figuring out the best way to help them get to a compliant state.
Ranking Member Klobuchar (D-MN): How do you envision the CFTC continuing to preserve these markets as a practical and accessible risk management tool for farmers and other end users, given the increasing complexity of the financial instruments it oversees? Selig: Overregulation can trickle down to the everyday consumers, and it is vitally important that we consider how overregulation of the real world, from energy to agriculture, has an everyday impact on consumers. My intention is to modernize the rule set and figure out what works, what does not work, and cutting back on what does not work, fixing things that are broken, but not changing things that are not broken, where it is not necessary. It is vitally important that we modernize and get rid of the staff lore, the no-action letters, all of these unwritten rules of the road which make it hard for everyday Americans to comply. We must make sure that what we are putting out is something that people can follow and understand, and that it is able to be complied with and not something you need to hire a high-priced law firm to figure out.
Ranking Member Klobuchar (D-MN): Do you think you can do this with the current resources, even with the new things that are coming to the CFTC in terms of regulation, such as the crypto portfolio? What specific regulatory tools or approaches will you use to ensure that innovation in the crypto markets does not come at the expense of basic safeguards to protect the public? Do you think the CFTC has the resources to oversee this vast new market that presents different characteristics from the traditional derivatives markets? Selig: I will take a hard look at the resource needs of the agency and work to make sure that we have the resources needed to fulfill the CFTC’s critical mission. It is vital that we have a cop on the beat, and that we cannot have another big loss of customer funds as we have seen with MF Global, Peregrine, and most recently FTX. The CFTC has always been a regulator that protects customer funds, making sure there is appropriate disclosure, and protecting consumers. We have massively overregulated the real-world economy, which affects agriculture, energy, crypto, and so much more. Figuring out what works and what does not is going to be the key to unlocking great markets for every individual and making sure that we do not constrain our businesses and push them offshore.
Ranking Member Klobuchar (D-MN): How are you going to deal with conflicts of interest, especially if confirmed as the only person on the Commission, given your background with numerous derivatives and crypto clients while in private practice? Selig: That is a critical issue, and I will always hold myself to the highest ethical standards. I have an ethics agreement that I have signed and plan to adhere to all the terms of that.
Ranking Member Klobuchar (D-MN): Will you advocate for the nomination and appointment of a full board, including two Democratic commissioners? Selig: It is very valuable to have a diversity of viewpoints, and I have always benefited from that and hope to have a diversity of views throughout the building. The President is the one who makes these decisions around nominations, but I will work with whoever he chooses to appoint.
Ranking Member Klobuchar (D-MN): With the growing interest in extended or even 24/7 trading hours, what guardrails are necessary to protect investors and prevent price dislocations, especially in lower volume markets like agriculture futures? Selig: There is a confluence of new technologies and changes in the market. I hope to work with all constituents on these issues and figure out what is appropriate for each market. It is not necessarily one-size-fits-all and we really need to look at this on a product-by-product, market-by-market basis. I look forward to those discussions both at the Commission as well as with this Committee if confirmed.
Ranking Member Klobuchar (D-MN): Will you commit to working with Congress to ensure the whistleblower program is continued in a consistent manner? Selig: Yes, I will. The whistleblower program is a very important program and helps align incentives when people are afraid to come forward because of retaliation risk.
Ranking Member Klobuchar (D-MN): How would you approach coordinating with Treasury and the SEC on overlapping issues to avoid regulatory gaps? Selig: It is critical that the SEC, CFTC, and other regulators all work well together. There are many products, services, and platforms that have fallen through the cracks because it is just too hard to comply when dealing with multiple regulators and when they do not work well together. Many interpretative questions are for the courts, but sometimes the agencies must make decisions together as to what sits where. I am committed to working well with SEC Chairman Atkins as well as others within the administration to make sure that we get things right.
Ranking Member Klobuchar (D-MN): Does the CFTC have an independent obligation to determine the legality and appropriateness of its actions and the regulations it adopts? Selig: To the extent the CFTC has deference authority on certain issues where it has been granted that from Congress, then the CFTC will interpret where it is expressly told to do so, but we will always follow the law. Where it does not have deference authority, we look to the courts.
Senator Hyde-Smith (R-MS): How will you ensure the CFTC remains focused on its core mission of protecting hedgers and promoting transparent, well-functioning futures markets, especially for producers, while also establishing a new regulatory framework and taking on a new responsibility with the rapidly evolving digital asset market? What makes the CFTC well-suited to take on this responsibility? Selig: If the CFTC is not doing its job at making sure our markets are working for agricultural firms, producers, and now the digital economy, then it is simply not doing its job. We need to make sure these are well-functioning markets, and it is my responsibility to get that job done. We need to be vigilant in our surveillance efforts, in our examination efforts of market participants, and make sure that we are policing fraud and manipulation in these markets. I take very seriously the CFTC’s critical responsibility to oversee these markets to be well-functioning and efficient. There is massive overregulation of participants, particularly the FCM community, where many of America’s farmers and ranchers are reliant on these entities to access the derivatives markets. If it is too expensive or we are overregulating them and they do not have access, they are not going to be able to hedge their risks. That is very concerning and can result in a lot of volatility in the markets and affect everyday consumers. I am committed to making sure that these markets are well-functioning, and that appropriate risk management tools are available.
Senator Smith (D-MN): What do you think it would take for the CFTC to take on the additional challenge of overseeing digital commodities, and what would be the first things you would do to approach this responsibility and significant focus? Selig: It is important that we have certainty, clarity, and consumer protections in these markets. Having real guardrails around what these markets look like is critical. Market structure legislation is the first step. Once we get that in place, it is important we implement that with haste as these markets are going to keep developing and we must keep pace with the rapid speed of innovation. There are a lot of things that we can do with our existing authority, such policing fraud and manipulation in the crypto spot markets, and the authority to regulate futures markets where leveraging and financing is involved in the transactions.
Senator Smith (D-MN): Putting aside the distinction between a sports event contract and a sports wager, current CFTC regulations clearly prohibit event contracts related to gaming from being offered, so can you commit to enforcing that prohibition? How do you see this issue, particularly in light of concerns around tribal oversight and regulatory clarity? Selig: These are complex issues as to what it means to constitute “gaming”, and I will adhere to the law as well as follow what judicial decisions tell me to follow. These issues are ones that we can work on together. Some of them are congressional issues as to whether we change statutes in certain areas. These are challenging, interpretative questions that I will look to the courts on.
Senator Tuberville (R-AL): Since obtaining a license from the CFTC has become significantly more costly and time consuming, how will you restore the CFTC’s reputation along these lines? Selig: It is important that the CFTC gives these market participants the attention they deserve. The staff regulation by enforcement and the rule by unwritten law through interpretive guidance, not provided in any sort of written form, and through no-action letters really is unacceptable. We need the staff to work together with our applicants and registrants to get their businesses running. My job is to get the agency running like a business and make sure that applications are processed efficiently so participants can go on with their business. This is going to be a key priority. I will evaluate the processes that are currently in place to ensure they are efficient and eliminate unnecessary steps. If there are things we need to be doing, we will add them into the process, but I want to make sure that people are not waiting six months for a phone call from the staff.
Senator Tuberville (R-AL): Will you commit to working to resolve outstanding issues such cross-border trade flows and over the counter (OTC) markets? Selig: It is critical that we have substituted compliance in place where it makes sense. We need to deregulate with our allies and ensure that our market participants can enter their markets, and they can do the same here. It is important that we remove the blockages to OTC derivatives markets.
Senator Tuberville (R-AL): How would you balance enforcement actions with providing clear, forward-looking guidance to innovators seeking to comply? Selig: We have pushed a lot of innovators offshore with overregulation. The red tape has prevented them from doing what they do best, being creative and building businesses. I would remove a lot of these barriers in their way to success, and remove a lot of these unwritten rules of the road, instead creating clear and simple guidelines that you do not need a high price law firm to figure out. I would make sure that our forms are really efficient and able to be easily understood, working with stakeholders to figure out the best path forward.
Senator Tuberville (R-AL): What are your thoughts on the tax treatment of Bitcoin mining? Selig: Blockchain enables all new modes of commerce where people can participate in these networks like the Bitcoin network, earn rewards, and earn a living by contributing to these networks. They are vitally important infrastructure. We should have them built in the U.S. and make sure that we are protecting our miners and infrastructure. In terms of some of these areas beyond the scope of the CFTC’s remit, it is vitally important that we work together with Treasury and other agencies within the administration to make sure that we are providing the right incentives to these market participants.
Senator Lujan (D-NM): Do you believe the CFTC would need more funding and staff to oversee digital spot markets? Does President Trump want to see a robust CFTC in this space? Have you looked at the current composition of the staff at the CFTC, and will you come back to Congress and ask for the resources if needed? Selig: I will be able to make that determination once I am in the seat. I am looking forward to working with them and I believe many of the staff are well-equipped and understand commodity markets. I cannot speak for the President, but the CFTC has a critical mission to protect these markets, and safeguard investors. It would be irresponsible for me to prejudge the resources. We can do more with less by using technology, but I am looking forward to making those assessments if confirmed. After I make those assessments, I will have those discussions with Congress.
Senator Lujan (D-NM): What are your views on the deeply complex structures of digital asset companies and should exchanges be allowed to vertically integrate? Does vertical integration create risk? Under your watch, will you close loopholes that allow bad actors to exist? Selig: One of the great things that came out of FTX, as much as it was a massive disaster, is that the CFTC’s regulated designated contract market (DCM), previously operating as LedgerX and then as FTX U.S., was fully funded. The assets in that DCM, in the clearinghouse, and the derivatives clearing organization (DCO), were not lost, which is great and shows that regulation works as well as the importance of this Committee moving forward with bipartisan legislation. It is important that we protect investors and customer funds. Vertically integrated structures are one of the novelties that we are seeing in markets today. The CFTC’s principles-based regime allows for innovation in the way businesses are structured, btu we need to comply with the same principles and requirements. To the extent a vertically integrated company raises conflict of interest issues, the bottom line is that there should be the same protections in place and that investors are just as safe with a vertically integrated structure as without. The CFTC will be a strong cop on the beat under my leadership, and I will ensure we follow and enforce the law.
Senator Hoeven (R-ND): How are you going to ensure that the futures market continues to function as openly, clearly, and transparently as possible for farmers and ranchers who rely on it to hedge the crops they grow and the livestock they raise? Are you focused on making sure that a family operation is able to access the futures market in a way that they understand, is transparent, and works for them? Selig: It is vitally important that we protect our farmers and ranchers, ensure that they have the tools they need to manage their risk, make sure these markets are fair, orderly, and efficient, and make sure there is not fraud and manipulation that interferes with the prices of commodities in these markets. Many of these markets have been massively overregulated throughout the chain. We have seen FCMs, introducing brokers, and other intermediaries highly regulated, such that the costs are being passed down to farmers and ranchers. We are seeing fewer FCMs and fewer introducing brokers able to take on these clients. Some of the ones with the large volume able to do it are not banks, and some of the risk management functions at the farmers’ and ranchers’ businesses are not willing to work with these firms. We need to take a very hard look at where we are regulating and make sure that it is absolutely essential. I am in favor of the minimum effective dose of regulation, no more and no less. We should not have more reporting than necessary and should not have more prescriptive requirements than needed. If we get the right regulation in place, these businesses will thrive, and we will see more risk management, with more farmers, ranchers, individuals, and commercial end users using these risk management tools to manage their business risks. I agree with the importance of smaller operations needing to have clear and simple rules of the road that they understand, and they need to have access to the tools that they need to manage the risk.
Senator Hoeven (R-ND): In the digital asset space, have you looked at both the House and proposed Senate legislation? Does it provide the statutory authority to build a regulatory framework in a way that there is transparency, and people can understand what is going on with digital markets? Are you prepared to help members of this Committee understand what is being done in this space, and what additional measures may need to be in place? Selig: Both are great efforts to bring clarity, certainty, and consumer protection to these wide-ranging novel markets. The efforts in this Committee as well as the House with the CLARITY Act are absolutely critical. They provide the scaffolding and the infrastructure that we need to make sure that we have a registration regime, that we have requirements around consumer protection, and also provide a lot of authority to the CFTC and the SEC to flexibly regulate. There is going to be a lot of work to be done in implementing these statutes, and I am excited for you all to get the legislation done. One of the benefits of having spent many years in private practice working with digital asset firms and then working as Chief Counsel at the SEC’s Crypto Task Force has been that I have seen and met with many of these crypto businesses, understand both the good and the bad, and what we need to do to make sure that we are protecting our investors.
Senator Booker (D-NJ): Given that over half the country’s attorneys general say sports contracts violate state laws, and states have spent years and taxpayer dollars fighting for the right to police this activity, will you ensure that these contracts include enforcement mechanisms and that the CFTC acts where necessary? Selig: It is vitally important that the CFTC look to the courts on these issues being litigated across the country. To the extent that any of these event contracts constitutes gaming is a question for the courts. But if they are trading in our markets, if the products are self-certified and the CFTC is allowing them to trade in the markets, it is vital that the CFTC ensure that those contracts are not being manipulated nor not readily susceptible to manipulation. It is a core principle and something that I would enforce.
Senator Slotkin (D-MI): Do you support having two Democrats and two Republicans serving with you on the Commission to ensure balance? What would your advice be to the President on restoring that balance? Selig: I would respect the President’s decision on these issues. My job, if confirmed as Chairman, is to fulfill the agency’s mission, and I believe it is best fulfilled when we have a diversity of viewpoints coming from wherever we can find those viewpoints.
Senator Slotkin (D-MI): Should sports event contracts be listed through the CFTC, given that CFTC regulations clearly state they should not be allowed because they are equivalent to betting or gambling? Selig: This is a really complicated issue and is an interpretive question that is working its way through the courts, and I will respect the decisions of those courts. I am also very interested in working with this Committee to the extent that there are views that we need to change anything in the statute. But this is ultimately a question for the courts, and as Chairman, I will always look to the views of the courts and to Congress. As the Supreme Court has said in the Loper Bright decision, the deference of the agency is limited.
Senator Slotkin (D-MI): If President Trump asks you for a carveout or exception to allow Truth Predict to be listed and support the trading of event contracts, how will you respond? Selig: I will always uphold the law and stick to the law. To the extent that the President was to, in compliance with this ethics rule, submit an application, he would go through the same process as everyone else.
Senator Schiff (D-CA): What is your view on whether sports event contracts and sports betting contracts are gaming in violation, or if these are some kind of different contractual obligation that has some kind of intrinsic economic merit? Are you coming into this position with any preset ideas as to whether a future events contract is gaming or not? Selig: As a good lawyer, the answer always is “it depends,” and that is why these are questions for the courts. They are complicated issues of interpretation. It would be irresponsible for me to prejudge this issue. I will come into the issue at the Commission with a blank slate and look to the courts.
Senator Warnock (D-GA): Do you believe that not having a full slate of Commissioners, including no minority ones, hampers the effectiveness of the CFTC? Do you agree that having bipartisan support behind new cryptocurrency regulations would help ensure the stability and durability, and that including a provision in this legislation to require Commissioners from both parties be appointed for the CFTC to implement any crypto legislation through new rules or regulations, would be better for both the industry and investors long term by avoiding regulatory whiplash depending on which party is in power? Selig: The CFTC can function with a single Chairman, but it is important to have diverse viewpoints. I commend the efforts of this committee to develop bipartisan crypto market structure legislation and that having both voices in the room are critical to getting this right. If this legislation were to pass and be signed by the President, the notice and comment rulemaking process is a great way to get a diversity of viewpoints.
Senator Warnock (D-GA): What new authorities does the CFTC need from Congress to ensure consumers are treated fairly, especially as key sections of the bipartisan digital asset discussion draft remain under negotiation, and that crypto markets are heavily focused on retail investors? Selig: CFTC has existing authority to police fraud and manipulation, but bipartisan legislation would take that further by ensuring we have market regulations for these markets. Things like registration, examinations of these platforms, making sure that consumer funds are safe and secure, segregation of funds, and things of this nature that we have and expect in our markets today. Coming from the SEC currently and working well with the SEC on making sure disclosure requirements are there to the extent there are securities being offered in connection with a digital asset are all things that we can work well together on to ensure we have a robust and resilient regime around crypto.
Senator Warnock (D-GA): Do you support the authorization of $150 million to the CFTC, as proposed in the discussion draft, to hire new staff, improve technology, and prepare the agency to implement a massive new regulatory structure for a crypto regime? Selig: It would be premature for me to take a view on new funding or the exact amount before I understand the CFTC’s current needs and processes.