CFTC Chairman Selig Testifies on Operations and Agenda Before House Committee

Selig Testifies as Lone CFTC Commissioner

Commodity Futures Trading Commission Chairman Michael Selig testified before the House Agriculture Committee on Thursday, April 16, 2026, addressing the agency's operations amid four vacant commissioner seats.

Selig, who took on the role of CFTC Chairman in December, stated he will continue advancing financial regulations despite serving as the lone commissioner on the five-member panel. "In the interim, we cannot, for the sake of the American people, slow down in our rule making," Selig said, emphasizing the importance of investor and consumer protections as well as market safeguards.

Bipartisan Concerns Over Vacancies

Democrats on the House Agriculture Committee criticized the lone commissioner arrangement, arguing it undermines the agency's bipartisan structure.

Angie Craig (D-MN), the committee’s top Democrat, pressed Selig on whether he would delay new rules until additional members are confirmed. Lawmakers from both parties acknowledged the CFTC's situation with four vacant seats.

Expanding Oversight and Regulatory Agenda

Selig outlined progress on his agenda, including efforts to modernize regulations, reduce compliance burdens, and strengthen enforcement.

He highlighted the agency’s expanding oversight of digital assets and prediction markets, noting new guidance and planned rulemaking in these areas. The CFTC’s workforce has shrunk significantly in recent years even as its responsibilities have grown. Selig stated the agency is leveraging technology and hiring to maintain oversight, saying, "We are utilizing new tools, some from AI to automation.

Conflict of Interest Allegations

and Agency Independence

During the hearing, Jim McGovern (D-MA) accused the Trump administration of conflicts of interest tied to prediction markets and the Trump family’s involvement in related companies.

" Selig rejected these claims and defended the agency’s independence, stating, "We treat all market participants alike. We do not pick winners and losers or engage in favoritism or bring politics into any of these matters.