The US Senate has confirmed crypto-friendly attorney Mike Selig as the new chair of the Commodity Futures Trading Commission and has appointed Travis Hill as chair of the Federal Deposit Insurance Corp.
These confirmations were part of a package that included nearly 100 other nominees selected by the Trump administration for various government roles, passing the Senate with a 53-43 vote on Thursday.
Selig, who has prior experience at the CFTC and the Securities and Exchange Commission, vowed to prioritize crypto upon his nomination in October after succeeding Brian Quintenz.
In the meantime, Hill has been serving as the acting chairman of the FDIC and has also voiced a supportive position on crypto.
He has raised concerns at Congressional hearings regarding the alleged debanking of firms due to connections with crypto.
The CFTC may soon gain more explicit authority over crypto, especially with the bipartisan Senate bill introduced in November aimed at transferring primary crypto market oversight to the CFTC.
The FDIC is set to oversee stablecoin issuers and will influence how the crypto sector is banked.
Selig in position until 2029, Hill until 2030
Selig’s term will conclude in April 2029. After being sworn in, he will replace CFTC acting chair Caroline Pham, who planned to leave upon the confirmation of a new chair and join crypto infrastructure provider MoonPay.
Selig will stand as the only commissioner on the typically five-member commission, following several resignations earlier this year that left Pham as the sole remaining commissioner of the CFTC.
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Hill will oversee the agency for the next five years. Martin Gruenberg, the former Senate-confirmed FDIC chair, stepped down in January as part of former President Joe Biden’s outgoing administration.
Industry optimistic about crypto’s regulatory future
The appointment of crypto-friendly leaders to two significant regulatory positions has been welcomed positively within the industry.
Faryar Shirzad, chief policy officer at crypto exchange Coinbase, stated in an X post that Selig’s “experience in crypto and as a federal regulator will ensure fair, clear governance of America’s crypto market with a strong commitment to the law.”
Cody Carbone, CEO of the crypto advocacy group Digital Chamber, mentioned that Selig’s confirmation is an exciting new chapter, given “his experience as a member and a lawyer engaged with the complex, technical issues surrounding digital assets.”
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