U.S. Senate Advances Final Vote on Confirming Crypto Regulators at CFTC and FDIC
The U.S. Senate advanced a 52-47 vote to set up a final confirmation vote for two Trump nominees: Mike Selig to chair the Commodity Futures Trading Commission (CFTC) and Travis Hill to chair the Federal Deposit Insurance Corporation (FDIC). The final vote is expected early next week.
Selig would replace Acting CFTC Chair Caroline Pham, while Hill would become FDIC chair after serving as interim chief. These confirmations are part of a bulk vote on 97 Trump nominees, with the Senate voting on 97 confirmation questions.
Both the CFTC and FDIC are anticipated to have broad influence over the U.S. crypto sector. The CFTC is expected to lead crypto oversight and has pursued crypto-friendly actions such as forming a CEO council, allowing certain tokens including Bitcoin, Ether, and USDC to be used as collateral, and permitting registered firms to provide spot crypto trading. Meanwhile, Hill’s FDIC chairmanship is expected to shape crypto banking policy.
A Senate Majority Whip aide indicated the final vote is likely early next week, marking an endgame of the Senate confirmation process for these two top crypto regulators.
