Donald Trump’s new nominee to chair the Commodity Futures Trading Commission (CFTC), Mike Selig, has a hearing scheduled for Wednesday, Nov. 19.
Selig will testify before the Senate Agriculture Committee where he will outline his vision for the agency. Selig is the chief counsel for the SEC’s Crypto Task Force. He’ll face the Agricultural Committee as major crypto legislation like the CLARITY Act continues working its way through Congress.
Selig has also worked on a letter arguing that prohibiting sports contracts is “arbitrary and capricious.” The letter states that event contracts on sporting events are not themselves “gaming,” so the CFTC cannot ban them. As the next CFTC chair, this stance would bode well for the many companies and investors backing products that offer sports prediction markets.
If the comment letter reflects his own views, the CFTC will never act against sports contracts. There are two forms of the argument about whether a contract on a sports event “involved gaming.” There’s the one Kalshi made in litigation over the Congressional Control contracts —… https://t.co/GVMTYYtrml
— Rob Schwartz (@FormerCFTCGC) October 30, 2025
CFTC pick Mike Selig could defend sports contracts
If confirmed, Selig would oversee crypto regulation at the CFTC and would likely not act against sports contracts. He could even begin involving the CFTC in the legal battles CFTC-regulated platforms are fighting.
The CFTC has not submitted amicus curiae briefs in favor of Kalshi, Crypto.com, Robinhood, or other litigants in sports contract cases unfolding across the United States. An endorsement of sports contracts or defense of CFTC authority would be powerful litigation tools for exchanges.
Before the government shutdown, the CFTC released a notice to platforms offering sports contracts urging them to prepare to unwind sports contracts in the event lawsuits go against them. This was the most public and recent statement on sports contracts, so any move on Selig’s behalf to speak out or refrain from speaking about them could impact Kalshi’s ongoing cases.
Speed important for Selig’s chances
The previous nominee for CFTC Chairman, Brian Quintenz, lost his nomination after two confirmation votes were delayed. His first vote was pushed after one Republican senator’s flight was delayed. The second was cancelled at the White House’s request following lobbying from the Winklevoss twins.
Selig’s confirmation vote could quickly succeed his initial hearing. If it drags out too long, there’s more potential for him to lose the nomination as Quintenz did. Time can allow lobbyists and doubt to creep into the nomination process.
Whatever his status, Selig is sure to be favorable to the crypto industry’s growth and offer a permissive approach for prediction market expansion. Wednesday’s hearing should get him one step closer.
