US President Donald Trump nominated acting chair of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, to the Senate for a five-year term.
According to congressional records, Trump’s nomination of Travis as FDIC chair was submitted to the Senate Banking Committee on Tuesday.
Prior to his role at the FDIC, Hill stated that the department should provide additional guidance on digital assets and tokenization, addressing allegations of US authorities debanking companies linked to crypto. He followed with a letter to financial institutions in March, clarifying that banks could engage with digital assets as a “permissible activity.”
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“I anticipate this to be one of several measures the FDIC will adopt to outline a new strategy for how banks can operate in crypto- and blockchain-related activities within safety and soundness standards,” said Hill in March.
Martin Gruenberg, the former Senate-confirmed FDIC chair, resigned in January with the outgoing administration of US President Joe Biden.
US President has not filled positions at key financial regulators
Although Trump has announced several nominations that could influence US crypto policy, including Hill, he has yet to name a replacement for potential Commodity Futures Trading Commission (CFTC) chair Brian Quintenz or other commissioners to complete the agency’s five-member leadership team. A Democratic commissioner’s position at the US Securities and Exchange Commission (SEC) has also been unoccupied since January.
It remains uncertain when the Senate Banking Committee will schedule hearings for Hill’s nomination as the US government is currently shut down due to Congress’s failure to pass a funding bill this week. At the time of publication, there was no agreement between Democratic and Republican lawmakers to end the shutdown, which many anticipate to continue at least until next week.
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