Senator Tuberville Presses CFTC Chairman Nominee on Market Efficiency, Crypto Regulation, and Cross-Border Trade

WASHINGTON, D.C. - November 19, 2025 - During a confirmation hearing before the Senate Agriculture, Nutrition, and Forestry Committee, U.S. Senator Tommy Tuberville (R-AL) engaged in a pointed exchange with Mike Selig, President Trump's nominee to chair the Commodity Futures Trading Commission (CFTC). The conversation centered on restoring regulatory efficiency, improving cross-border trade flows, and addressing the treatment of cryptocurrency under U.S. tax law.

Restoring CFTC Efficiency

Senator Tuberville opened by expressing concerns from market participants about the CFTC's sluggish licensing process and regulatory ambiguity. He asked Selig how he would restore the agency's reputation.

Selig responded with a commitment to overhaul internal processes and eliminate unnecessary bureaucratic hurdles:

He criticized the CFTC's reliance on "regulation by enforcement" and "unwritten law," pledging to replace opaque guidance with clear, accessible rules.

Cross-Border Derivatives and Deregulation

Tuberville also pressed Selig on resolving barriers to cross-border trade in over-the-counter derivatives markets. Selig emphasized the importance of "substituted compliance" and reciprocal deregulation with U.S. allies:

"We need to deregulate with our allies... remove these blockages to over-the-counter derivatives markets."

Supporting Innovation and Crypto Miners

The conversation turned to the impact of regulatory enforcement on innovation. Tuberville asked how Selig would balance enforcement with forward-looking guidance for innovators.

Selig argued that overregulation has driven innovation offshore and promised to simplify compliance:

"We've massively overregulated the real-world economy... I would remove a lot of these barriers."

Tuberville then raised a concern frequently voiced by Bitcoin miners: the IRS taxes mined Bitcoin immediately, unlike traditional commodities such as corn or cotton, which are taxed upon sale.

Selig acknowledged the issue and stressed the importance of protecting blockchain infrastructure and working with Treasury to align incentives:

"We should make sure that we're protecting our miners and infrastructure in the United States."

Alabama's Voice in Financial Oversight

Senator Tuberville, who serves on five Senate committees including Agriculture and Armed Services, continues to advocate for market transparency and fair treatment of emerging technologies. His exchange with Selig highlights growing bipartisan interest in reforming financial regulation to better serve innovators and investors alike.

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