Selig single-handedly took up the banner for cryptocurrency at the CFTC. Openness is good, but the lack of checks and balances does make people worry.

Crypto World News reports that, according to Polit's early release, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Michael Selig, currently serves as the agency's sole sitting commissioner and holds significant regulatory decision-making power over digital assets, prediction markets, and derivatives markets. Selig, who has been in office for less than half a year, has pushed for a more open regulatory environment for cryptocurrencies and prediction markets, including supporting the approval of innovative products, adjusting enforcement directions, and promoting related rulemaking. As Congress considers legislation to grant the CFTC greater oversight authority over crypto markets, its influence continues to grow. However, the current situation where Selig independently leads regulatory decisions has also raised concerns among some members of Congress and internal CFTC officials. Critics argue that the agency's limited staffing and resources, along with the lack of a multi-commissioner check-and-balance system, may impact regulatory independence and enforcement capabilities.