The Senate Agriculture Committee on Thursday advanced, along party lines, the nomination of Michael Selig to be chairman of the Commodity Futures Trading Commission.

The panel approved Selig’s confirmation to replace CFTC acting Chairman Caroline Pham, 12-11. Thursday’s vote comes on the heels of his Wednesday nomination hearing. 

Pham is currently the only member of the CFTC, a five-person body. Democrats say that is hampering its effectiveness.

“This uncertainty surrounding the leadership at the CFTC has only created more chaos for people who rely on the CFTC,” Senate Agriculture ranking member Amy Klobuchar, D-Minn., said at the Wednesday hearing.

Senate Agriculture Republicans emphasized that the CFTC is about to expand its jurisdiction as lawmakers work on legislation that would give it authority over the spot cryptocurrency market. 

The committee released on Nov. 10 a discussion draft of legislation to do so. 

“I think it’s a critical opportunity for this committee and for our country to move forward with digital asset market structure legislation. It’s been a priority of the president, and of course, is something that’s great for this country,” Selig told the panel.

Selig is the second nominee the Trump administration tapped to lead the CFTC. Brian D. Quintenz, the previous nominee, was enmeshed in a clash with Tyler Winklevoss, one of Gemini Trust Company LLC’s twin co-founders. The clash ultimately resulted in Quintenz being dropped as Trump’s pick to head the agency.

​