The U.S. Senate will question Trump's nominee for CFTC chairman on cryptocurrency regulation issues

According to Reuters, U.S. senators are scheduled to question Michael Selig on Wednesday regarding his reform plans on hot topics such as cryptocurrency regulation and election forecasting.

Selig is the CFTC chair nominee appointed by President Trump. He is currently the chief legal advisor for the SEC's cryptocurrency special task force and an advisor to Paul Atkins, the Republican chair of the Securities and Exchange Commission appointed by Trump.

If Congress passes a bill called the CLARITY Act, the Commodity Futures Trading Commission, which oversees the commodity derivatives market, will also play a more active role in regulating the cryptocurrency industry. Selig is expected to be questioned about this CLARITY Act bill, as well as how the CFTC will cooperate with the SEC and how it will regulate markets that allow Americans to bet on election outcomes 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 indicated that she will leave the agency once Trump's nominee for chair is confirmed.