Commodity Futures Trading Commission Chairman Michael Selig told lawmakers Thursday he will continue advancing financial regulations despite serving as the lone commissioner on the five-member panel.
Testifying before the House Agriculture Committee, Selig faced sharp criticism from Democrats who argued the arrangement undermines the agency’s bipartisan structure.
But Selig, who took on the role in December, said ongoing rulemaking efforts cannot pause while the commission operates with four vacant seats.
“In the interim, we cannot, for the sake of the American people, slow down in our rule making,” Selig said. “It’s very important that we get investor protections, consumer protections, and safeguards for our markets.”
The CFTC comprises five commissioners, typically with a bipartisan balance, but Selig is now the only sitting member following a wave of departures and stalled nominations under President Donald Trump.
Lawmakers from both parties acknowledged the situation, with some warning the lone decider on the panel risks concentrating authority in a single official.
Rep. Angie Craig (D-MN), the committee’s top Democrat, pressed Selig on whether he would commit to delaying new rules until additional members are confirmed. Selig declined.
“I cannot, unfortunately, commit to not do my job that I was appointed to do by the president,” he said.
The dispute reflects broader tensions over the agency’s direction as it takes on expanding oversight of digital assets and prediction markets. Selig has pushed an aggressive agenda in his first months, including new guidance and planned rule-making in prediction markets.
Selig said he has made “significant progress” on his agenda, pointing to efforts to modernize regulations and reduce compliance burdens while strengthening enforcement.
But Democrats raised concerns about both governance and possible political influence, particularly as the Trump administration reshapes financial regulation.
Rep. Jim McGovern (D-MA) delivered the sharpest rebuke, accusing the administration of conflicts of interest tied to prediction markets and the Trump family’s involvement in related companies.
“I believe that this President is using public power for private profit,” McGovern said, alleging the administration’s policies could benefit politically connected actors.
McGovern pointed out that the president’s son, Donald Trump Jr., is an adviser for prediction market platforms Kalshi and Polymarket. McGovern questioned whether the president’s eldest son had had knowledge of certain events, such as the Iran war ceasefire announcement, and placed favorable wagers on them.
Selig rejected those claims and defended the agency’s independence and zero tolerance when it comes to fraud or abusive practices.
“We treat all market participants alike,” Selig said. “We do not pick winners and losers or engage in favoritism or bring politics into any of these matters. We take them very seriously, and I think it’s insulting that you’re insinuating [that].”
The hearing also highlighted the strain on the agency’s staffing and resources. Lawmakers noted the CFTC’s workforce has shrunk significantly in recent years as its responsibilities have grown to include fast-moving digital asset and derivatives markets.
FUTURES MARKETS AND CRYPTO HIGH ON AGENDA OF AGENCY’S NEW LEADER
Selig acknowledged the challenges but said the agency is leveraging technology and hiring to maintain oversight.
“We are utilizing new tools, some from AI to automation. … And we take this responsibility very seriously,” he said.