The U.S. Senate is set to question Michael Selig, President Trump's nominee for chairman of the Commodity Futures Trading Commission (CFTC), on his plans for cryptocurrency regulation. Selig, who currently serves as chief legal counsel for the SEC's cryptocurrency task force, will face inquiries on the CLARITY Act, which could expand the CFTC's role in crypto oversight. Senators will also explore how the CFTC plans to collaborate with the SEC and regulate markets involving election betting. The CFTC, responsible for overseeing the commodity derivatives market, is traditionally led by five commissioners. Currently, it has only one commissioner, Caroline Pham, who is acting chair and has announced her intention to step down once Selig is confirmed.