WASHINGTON, D.C.—Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement after the Senate Agriculture Committee advanced the nomination of Mike Selig to be chair of the Commodity Futures Trading Commission:  

“The Committee’s swift vote to bring Mike Selig one step closer to Chair of the CFTC is troubling, both substantively and procedurally. The CFTC is facing unprecedented strain as crypto and prediction market oversight has been layered into its traditional derivatives market oversight responsibilities. During his hearing, Mr. Selig showed little interest in regulation on either count and was unable to answer the simplest of questions. Prediction markets are essentially allowing unregulated sports betting, yet Mr. Selig could not say whether placing a bet on who would win tonight’s Bills-Texans game constituted gaming. He had no position on whether the CFTC should ensure bipartisan representation among its commissioners. Mr. Selig couldn’t even say whether he thought the CFTC needed more resources to meet the challenges confronting its expanded mission. 

As a procedural matter, the fact that the vote took place less than 24 hours after Mr. Selig’s confirmation hearing suggests that the committee had already decided to advance his nomination even before hearing what he had to say. The speed with which the committee acted is even more disturbing given the substance of Mr. Selig’s answers at his hearing. The CFTC is one of our most important financial regulators, and the American people deserve a more deliberative process for its leader so their interests are taken seriously.” 

Better Markets released a fact sheet in advance of the hearing on Mr. Selig’s nomination here. 

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.