[U.S. Senate Hearing: CFTC Chair Nominee Selig Expresses Views on Crypto Asset Regulation] According to The Block, U.S. CFTC Chair nominee Michael Selig stated during a Senate Agriculture Committee hearing that, if confirmed, he would advocate for the establishment of a 'clear and simple' regulatory framework for crypto assets to avoid excessive enforcement measures. Selig previously served as the 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, and if passed, Selig would lead critical reforms. The hearing also addressed issues related to preventing incidents like FTX and the CFTC's resource shortages. Selig indicated he would assess whether additional budget allocations are necessary.