PANews reported on November 20th that, according to The Block, Michael Selig, the nominee for chairman of the U.S. CFTC, stated at his Senate Agriculture Committee hearing that if confirmed, he will push for a "clear and simple" regulatory framework for crypto assets, avoiding over-regulation. Selig previously served as the chief legal counsel for the SEC's Crypto Task Force. Congress is currently pushing two bills empowering the CFTC to regulate crypto assets; if passed, Selig would lead key changes. The hearing also touched on the FTX incident and the CFTC's resource constraints. Selig stated he will assess whether additional funding is needed.