- The Senate is moving quickly toward confirming Mike Selig to lead the CFTC.
- Travis Hill is also nearing confirmation as FDIC chairman.
- Trump’s personal crypto empire faces heavy losses.
The U.S. Senate accelerated a sweeping overhaul of the federal financial regulatory apparatus Tuesday, invoking cloture on a resolution to confirm nearly 80 administration nominees. The maneuver, orchestrated by Majority Leader John Thune, clears the runway for Mike Selig and Travis Hill to assume permanent command of the Commodity Futures Trading Commission (CFTC) and Federal Deposit Insurance Corporation (FDIC), respectively.
Meanwhile, the CFTC could claim the authority over crypto, since pending market structure plans in Congress would formally expand its remit.
It is important to note that Senate Majority Leader John Thune started a process called cloture on Tuesday where voting will be done for actions tied to 60 members. Thune’s resolution includes the nominations for a whopping 80 federal positions with eventual vote closure coming on Thursday.
Once confirmed, Selig would replace the current acting chief and operate alone on a commission meant to hold five votes, because the administration has yet to propose additional members.
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FDIC Shift Under Hill Gains New Attention
Alongside Selig, Travis Hill is nearing confirmation to lead the Federal Deposit Insurance Corp., an agency very important for bank interactions with the crypto sector and future stablecoin frameworks.
Hill already guides the agency in an acting capacity and has reversed a previous policy that required banks to seek supervisory sign-offs before handling crypto accounts or partnerships.
In his recent testimony, he said that banks simply must manage risk while facing no categorical limits on cooperation with crypto firms.
Market Turmoil Shadows Trump’s Crypto Push
These regulatory appointments arrive as President Donald Trump’s own crypto ventures are in deep red. Bitcoin has dropped significantly since early autumn, erasing roughly a trillion dollars worldwide.
The Trump family, which created a suite of crypto ventures over the past year, now confronts major losses as tokens slip and affiliated stocks slide. Their media company’s valuation has fallen dramatically, the TRUMP meme token trades near historic lows, down 90% and another governance token., WLFI, has seen steep declines since launch.
However, the Trump family has framed the pullbacks as an ideal entry point rather than a retreat.
Meanwhile, for the position of head of the US Federal Reserve, a pro-crypto economist is being favored. Kevin Hassett, a Trump economic advisor for a long time, has been teased as the choice for running the Fed by the president. Trump stated:
With a crypto line-up prepared for the remainder of his administration, it seems like Trump’s crypto ventures and ambitions are far from over.
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Source: https://coinedition.com/senate-moves-to-confirm-trumps-cftc-fdic-picks/
