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The US Senate has confirmed Mike Selig as chair of the Commodity Futures Trading Commission and elevated Travis Hill to chair the Federal Deposit Insurance Corp. The confirmations passed on Thursday in a 53–43 vote as part of a broad slate of Trump administration nominees.
The move places two officials with publicly stated crypto-friendly views at the helm of powerful financial regulators. Their appointments arrive as Congress debates major legislation that could expand federal oversight of digital asset markets.
Both agencies play central roles in how crypto markets operate and how crypto firms access the US banking system. The confirmations, therefore, signal a potential shift in regulatory posture at a critical moment for the industry.
Mike Selig brings prior experience from both the CFTC and the Securities and Exchange Commission. When nominated in October, he pledged to prioritize crypto regulation once confirmed.
Selig replaced the earlier nominee, Brian Quintenz, after the administration changed course. Lawmakers confirmed him as Congress continued work on legislation that may grant the CFTC explicit authority over broader crypto spot markets. Yet Selig arrives under unusual circumstances. The five-member CFTC has dwindled to a single commissioner, leaving him as the sole member once he assumes office.
Caroline Pham, the current acting chair, plans to depart when Selig arrives. Her exit will leave the commission without additional members following multiple resignations earlier this year. This structure could allow faster policy action. At the same time, it may raise questions about how future CFTC rules withstand legal challenges tied to commission governance.
Selig’s term will run through April 2029. Once sworn in, he will formally replace Pham, who plans to join crypto infrastructure firm MoonPay.
Selig’s confirmation coincides with active congressional debate over crypto market oversight. Lawmakers continue negotiations on a major bill that would reshape the CFTC’s authority. The House of Representatives already passed legislation this year to give the agency more precise control over crypto spot trading. Now, Senate lawmakers are reviewing the proposal.
Close observers say the Senate Banking Committee may still hold a markup hearing before the end of the month. The outcome could redefine which regulator leads US crypto market supervision. At the same time, a bipartisan Senate bill introduced in November seeks to shift primary oversight of the crypto market to the CFTC. That proposal remains under review.
With Selig set to lead the agency alone, how will the CFTC balance expanded authority over crypto with reduced internal oversight?
Industry figures welcomed the appointment. Coinbase Chief Policy Officer Faryar Shirzad said Selig’s experience would support fairness, clarity, and adherence to law in crypto markets. Digital Chamber CEO Cody Carbone also praised Selig’s background, citing his work on complex digital asset issues.
Also Read: Crypto News Today: Trump to Nominate Michael Selig as Next CFTC Chief
Travis Hill will lead the Federal Deposit Insurance Corp for the next five years. He already served as acting chair before the Senate confirmed his elevation. Hill has taken a supportive stance toward crypto during his tenure. He has spoken publicly about reversing earlier regulatory approaches to crypto banking.
During a December 2 House Financial Services Committee hearing, Hill said regulators had undone prior policies. Those policies required banks to seek approval before engaging in new crypto activity. Hill told lawmakers that banks should manage safety and soundness risks. He added that regulators placed no outright bans on serving crypto-related industries.
He also addressed complaints about alleged crypto “debanking.” Industry executives and Republican lawmakers argue that regulatory pressure led banks to cut ties with crypto firms. Hill has played a leading role in responding to those concerns. His leadership will influence how banks interact with crypto businesses and executives.
The FDIC will also regulate stablecoin issuers. As a result, the agency will shape how stablecoin companies access insured banking services. Hill replaces Martin Gruenberg, who resigned in January during the transition from the Biden administration.
Together, the confirmations place crypto-friendly leaders at two agencies central to the industry’s regulatory future.
The US Senate confirmation places Mike Selig at the CFTC and Travis Hill at the FDIC during a pivotal period for crypto regulation. Both agencies now face decisions tied to market oversight, banking access, and stablecoin supervision as Congress advances new digital asset legislation.
