Trump’s Crypto-Friendly Picks Mike Selig, Travis Hill Confirmed To Lead CFTC, FDIC

US President Donald Trump’s crypto-friendly picks Mike Selig and Travis Hill will lead two key financial regulators after receiving Senate confirmation yesterday.

The Senate approved Selig and Hill as part of a broader package of nominees in a 53–43 vote, clearing the way for Selig to take over as Chair of the Commodity Futures Trading Commission (CFTC) and for Hill to lead the Federal Deposit Insurance Corporation (FDIC).

Selig To Take Over From Acting CFTC Chair Caroline Pham

Once sworn in, Selig will take over from the CFTC’s current Acting Chair Caroline Pham, who has played a key role shaping US crypto policy this year and is set to join crypto payments firm MoonPay once Selig is sworn in.

Selig has been working on digital asset policy at the US Securities and Exchange Commission (SEC).

Selig will become the CFTC’s sole commissioner after the agency’s five-member commission shrinks to just one, removing friction for him to steer the regulator’s decisions on policy while raising potential uncertainty over due process. 

Hill No Longer An Acting Chair At The FDIC

Hill, meanwhile, will take the FDIC’s helm after serving as acting chair. It regulates stablecoin issuers and plays a key role in determining how crypto companies access the US banking system, making Hill’s confirmation closely watched by the industry. 

He’s stressed that banks face “no prohibitions” on serving crypto firms as long as safety and soundness risks are properly managed, and at a Dec. 2 hearing at the House Financial Services Committee told lawmakers that the agency “undid the policy of the past few years.”

That refers to the anti-crypto policy pursued by Joe Biden’s administration, which many in the digital asset industry say made it difficult for crypto firms to operate. One key theme during Biden’s administration was the “debanking” of crypto companies, often referred to as Operation Chokepoint 2.0. 

“Banks are expected to manage the safety and soundness risk, but otherwise have no prohibitions to serving those industries,” Hill said during the hearing. He has also taken a leading role in addressing complaints about debanking.

Trump Says Chris Waller Is “Great,” Will Announce Fed Chair Pick Within Weeks

The Senate confirmations of Selig and Hill come after Trump installed new leaders at the Securities and Exchange Commission (SEC), Office of the Currency, and the US Treasury. 

He’s also bent on replacing Jerome Powell at the Federal Reserve with a leader more attuned to his desire for lower interest rates. Trump interviewed Christopher Waller on Wednesday and said, “I think he’s great. I mean, he’s been a man who’s been there a long time.” 

Contract asking who Trump will pick as next Fed Chair (Source: Polymarket)

Waller currently has the third-highest odds on the decentralized prediction markets platform Polymarket, with traders seeing a 14% chance that he will be picked. Crypto-friendly White House economic adviser Kevin Hassett leads with 53% odds, while former Fed Governor Kevin Warsh comes in at second with 26% odds. 

Trump said the list of possible candidates has been narrowed down to three or four people, adding that “every one of them would be a good choice.”