The US Senate will question CFTC chairman candidates on crypto regulation issues.

According to Odaily, U.S. senators are scheduled to question Michael Selig on Wednesday regarding his reform plans on hot-button issues such as cryptocurrency regulation and election prediction. Selig is President Trump's nominee for chairman of the CFTC. He currently serves as the chief legal counsel for the SEC's Cryptocurrency Task Force and is an advisor to Paul Atkins, the Republican chairman of the Securities and Exchange Commission appointed by Trump. If Congress passes a bill called the CLARITY Act, the Commodity Futures Trading Commission, which regulates the commodity derivatives market, will play a more active role in the regulation of the cryptocurrency industry.

Selig is expected to be questioned about the CLARITY Act, as well as how the CFTC will cooperate with the SEC and regulate markets that allow Americans to bet on election results and other events. The CFTC is traditionally led by five bipartisan commissioners nominated by the president. Currently, the agency has only one commissioner, Republican Caroline Pham, who also serves as acting chair. Pham has stated that she will leave the agency once Trump's nominee for chair is confirmed. (Reuters)