[Nominee for U.S. CFTC Chair Selig: If confirmed, will advocate for a 'clear and simple' regulatory framework for crypto assets] November 20 news, Michael Selig, nominee for U.S. CFTC Chair, stated during a Senate Agriculture Committee hearing that if confirmed, he will advocate for the establishment of a 'clear and simple' regulatory framework for crypto assets to avoid excessive enforcement and regulation. Selig previously served as Chief Legal Advisor for the SEC's Crypto Special Task Force. Currently, Congress is advancing two bills that would empower the CFTC to regulate crypto assets. If passed, Selig will lead critical reforms. The hearing also addressed issues related to preventing incidents like FTX and the CFTC's resource shortages. Selig stated he would evaluate whether additional budget allocations are necessary.