U.S. Senate Advances Toward Final Vote on Confirmation of Crypto Regulators at CFTC and FDIC
The U.S. Senate is moving toward a final vote on the confirmation of Mike Selig as chair of the Commodity Futures Trading Commission (CFTC) and Travis Hill as chair of the Federal Deposit Insurance Corporation (FDIC), among a total of 97 nominees from the Trump administration. A procedural vote to set up the final confirmation passed with a 52-47 margin.
The final confirmation vote is likely to take place early next week, according to a spokeswoman for Senate Majority Whip John Barrasso on X. If confirmed, Selig would replace Acting CFTC Chair Caroline Pham, while Hill would assume the role of FDIC chair.
These appointments come at a time when both the CFTC and FDIC are expected to gain significant oversight over the cryptocurrency sector. The CFTC, in particular, is anticipated to lead crypto regulation and may benefit from a forthcoming market-structure bill designed to cement its authority.
The CFTC has already been actively involved in crypto policy, including forming a CEO council, allowing Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) to be used as collateral, and permitting registered firms to offer spot crypto trading. Meanwhile, Hill has led the FDIC as interim chief and has been an advocate for crypto-friendly banking policies.
