The U.S. Commodity Futures Trading Commission and the Federal Deposit Insurance Corp. will play pivotal roles in overseeing the U.S. crypto industry. President Donald Trump’s nominees for their chairmanships have been undergoing a Senate confirmation process that’s nearing its conclusion, although the final vote is still a few days away.
Following Thursday’s 52-47 approval of the resolution for the final vote, Mike Selig is on the verge of assuming the role at the CFTC, while Travis Hill’s nomination for the FDIC chair will soon also be addressed. A spokesperson for Senate Majority Whip John Barrasso announced on social media platform X that the final vote is expected to occur “early next week.”
The Senate Republicans have adopted a unique strategy of confirming multiple nominees from Trump simultaneously. In this instance, there are 97 confirmation questions being voted on, with Selig and Hill among those nominees.
Selig, currently a senior official handling crypto-related issues at the Securities and Exchange Commission, would replace Acting Chairman Caroline Pham, who has guided the CFTC through various pro-crypto initiatives. The CFTC is anticipated to take a leading position in U.S. crypto oversight, particularly if Congress passes a market structure bill solidifying the agency’s authority.
Even before any legislation is entertained in the Senate, the CFTC has launched an assertive initiative, establishing a CEO council to engage in policy discussions, permitting Bitcoin , Ether and USDC (among other stablecoins) to serve as collateral, and enabling registered firms to offer spot crypto trading services.
Hill, who is currently serving as the interim chief of the FDIC, would formally secure that role upon confirmation. He has also been advocating for policies that are supportive of crypto banking.
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