The US Senate Confirms Crypto-Friendly Leaders to Head CFTC and FDIC

The US Senate has confirmed Mike Selig as the new chair of the Commodities Futures Trading Commission (CFTC). Mike Selig is a lawyer who is known for his crypto-friendly stance. The Senate has also confirmed Travis Hill to chair the Federal Deposit Insurance Corp (FDIC). He was previously the Acting Chairman of the FDIC Board of Directors. Industry participants see the appointment of Selig and Hill as a potential turning point for digital asset oversight in the United States.

The confirmation of these two positions was included in a package of nearly 100 other nominees that the Trump administration had selected for various roles across the government. The positions were finalized after a 53-43 vote early on Thursday morning.

The New Commodities Futures Trading Commission Chair

Selig is a lawyer with prior experience at both the Commodities Futures Trading Commission and the Securities and Exchange Commission. He was nominated for the position in October to replace Brian Quintez. During his nomination process, Selig pledged to make cryptocurrency regulation a central focus of his tenure. His appointment comes at a critical time as Congress debates whether to grant the CFTC broader authority over crypto matters.

Under the current proposals, primary oversight of crypto spot markets could shift to the CFTC, which will significantly expand the agency’s role. Selig will serve as the CFTC chair until April 2029, and once he is sworn in, he will replace the acting chair, Caroline Pham. Pham has indicated she plans on leaving the agency to join crypto infrastructure firm MoonPay.

Notably, Selig will initially lead a reduced commission. A wave of resignations earlier this year left Pham as the sole remaining commissioner on the normally five-member CFTC. This means Selig will also serve as the only commissioner until new appointments are made.

Travis Hill Promoted to FDIC Chair Position

Travis Hill has been promoted from acting chairman to confirmed chair of the FDIC. He will serve a five-year term that will run through 2030. Hill has previously voiced his concerns in Congressional hearings about the alleged debanking of crypto-related companies and has generally been viewed as more open to digital asset innovation than some of his predecessors. He replaces Martin Gruenberg, who resigned at the end of the Biden administration in January.

The FDIC is expected to play a significant role in the next phase of crypto regulation, particularly around stablecoin issuers and the banking relationships of crypto firms. Industry reactions have mainly been positive. Coinbase's chief policy officer, Faryar Shirzad, posted about Selig’s appointment on X, “His experience in crypto and as a federal regulator will ensure that America’s crypto market is governed with fairness, clarity, and an abiding commitment to the law.”

Together, the appointments signal a potentially more accommodating regulatory environment for the digital asset industry in the years ahead.