Senate Backs Crypto-Friendly Picks to Run CFTC and FDIC

TLDR

• The US Senate confirmed Mike Selig as CFTC chair and Travis Hill as FDIC chair in a 53-43 vote on Thursday
• Both regulators are known for crypto-friendly positions and will oversee key aspects of digital asset regulation
• Selig pledged to make crypto a priority when nominated in October and has experience at both CFTC and SEC
• Hill has been acting FDIC chair and spoke against alleged debanking of crypto companies
• The confirmations were part of a package of nearly 100 Trump administration nominees approved by the Senate

The US Senate approved Mike Selig and Travis Hill to lead two major financial regulators on Thursday. The confirmations passed 53-43 as part of a package containing nearly 100 Trump administration nominees.

Selig will chair the Commodity Futures Trading Commission. Hill will run the Federal Deposit Insurance Corporation. Both agencies play key roles in crypto regulation.

Selig worked previously at the CFTC and Securities and Exchange Commission. He told lawmakers in October he would prioritize crypto regulation. He replaces acting chair Caroline Pham, who plans to join crypto company MoonPay.

The CFTC currently has just one commissioner after several resignations earlier this year. Selig will be the sole member when Pham departs. The commission typically has five members.

CFTC’s Growing Crypto Role

Congress is considering legislation that would give the CFTC more authority over crypto markets. A bipartisan Senate bill introduced in November aims to shift primary crypto oversight to the agency. The House already passed similar legislation earlier this year.

The CFTC has launched several crypto initiatives while waiting for permanent leadership. The agency created a “crypto sprint” that includes efforts to allow stablecoins as tokenized collateral. Staff are also working on rules to add blockchain technology to regulatory language.

Bitnomial became the first platform to pursue offering spot leveraged crypto products after the CFTC encouraged such applications. These initiatives will continue under Selig’s leadership.

Hill Takes Permanent FDIC Role

Hill has served as acting FDIC chair since January when Martin Gruenberg resigned. Gruenberg left as part of the transition from the Biden administration. Hill’s new term runs until 2030.

The FDIC will regulate stablecoin issuers under proposed legislation. The agency also influences how banks work with crypto companies. Hill reversed previous policies that required banks to get approval before offering crypto services.

Hill addressed crypto debanking concerns at a December 2 House hearing. He said banks now manage their own risk when serving crypto clients. The Biden-era requirement for supervisor approval no longer applies.

Industry leaders welcomed both confirmations. Faryar Shirzad from Coinbase said Selig’s background ensures fair crypto market governance. Cody Carbone from Digital Chamber praised Selig’s technical knowledge of digital assets.

Selig’s term expires in April 2029. He will oversee the CFTC as Congress debates expanding the agency’s crypto powers. The Senate Banking Committee may hold hearings on crypto legislation before the end of December.

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