US Senate Confirms Michael Selig and Travis Hill to Lead CFTC and FDIC

Source: CryptoTale Original Title: US Senate Confirms Michael Selig, Travis Hill to Lead CFTC and FDIC Original Link: https://cryptotale.org/us-senate-confirms-michael-selig-travis-hill-to-lead-cftc-and-fdic/

Senate Vote Locks in Permanent Regulatory Leadership

The US Senate confirmed Michael Selig and Travis Hill to lead the CFTC and FDIC. The vote passed 53-43, approving President Donald Trump’s nominees during his second term’s opening year. The confirmations place permanent leadership over agencies central to crypto oversight as Congress advances digital asset legislation.

The Senate bundled Selig and Hill with dozens of nominees under an unusual mass-confirmation resolution. Notably, the approach bypassed traditional, individual confirmation votes and attached 97 questions to one measure. As a result, both agencies filled vacancies that persisted through much of Trump’s second administration.

At the CFTC, Selig will replace Acting Chair Caroline Pham once sworn in. Pham led the agency during a period of expanded crypto engagement while awaiting a permanent appointment. However, she has already planned her departure to join MoonPay as chief legal and administrative officer.

Until Selig’s arrival, Pham advanced several pro-crypto initiatives at the derivatives regulator. These included policy groundwork that positioned the CFTC for broader digital asset supervision. That transition sets the context for Selig’s immediate responsibilities upon assuming office.

CFTC Positioned for Expanded Crypto Authority

Selig arrives as Congress debates legislation granting the CFTC explicit authority over crypto spot markets. The House passed such a bill earlier this year, while Senate negotiations continue. Notably, the Senate Banking Committee may still hold a markup hearing before the month’s end.

During Pham’s tenure, the CFTC launched a “crypto sprint” to modernize internal rules. That effort included integrating blockchain references across regulatory language. It also explored using stablecoins as eligible collateral within tokenized market structures.

Additionally, the agency encouraged regulated platforms to pursue spot leveraged crypto products. Bitnomial became the first exchange to seek approval under that framework. These developments now fall under Selig’s leadership as he assumes control.

Selig previously worked on crypto policy at the Securities and Exchange Commission. He served as chief counsel to the SEC’s Crypto Task Force before joining private practice. That background positions him between the SEC and CFTC as jurisdictional lines evolve.

However, Selig faces an immediate structural challenge at the commission. The CFTC’s five-member panel has dwindled to a single sitting commissioner. Once Pham exits, Selig will temporarily serve as the sole member.

That structure may allow faster policy execution with limited internal dissent. However, it may also invite legal scrutiny over whether rules meet procedural standards. This issue emerges as the agency’s authority potentially expands through legislation.

FDIC Shift Aligns Banking Policy With Crypto Activity

At the FDIC, Hill steps in after serving months as acting chairman. During that period, he publicly reversed earlier restrictions on banks serving crypto firms. According to Hill, banks now manage safety risks without seeking prior regulatory approval.

In December testimony before the House Financial Services Committee, Hill addressed past banking guidance. He said regulators previously required supervisory approval before banks entered crypto markets. However, that approach ended under his interim leadership.

Hill also prioritized industry concerns over crypto-related debanking practices. Banks had severed relationships with crypto companies and executives in recent years. Industry leaders and Republican lawmakers linked those decisions to regulatory pressure.

Beyond crypto access, Hill began reviewing previous banking policies. These include proposed restrictions on brokered deposits introduced after the 2023 bank failures. Hill’s review coincides with broader scrutiny of capital and liquidity requirements.

The FDIC plays a central role in regulating stablecoin issuers. It also shapes how crypto companies access insured banking services. Therefore, Hill’s confirmation locks in policy continuity already underway at the agency.

The confirmations follow earlier appointments across financial regulators. Leadership roles were filled at the SEC, Treasury, and the Office of the Comptroller. However, the Federal Reserve chair position remains unchanged until Jerome Powell’s term ends.

Together, the Senate’s actions finalize leadership at two critical crypto-facing agencies. They also coincide with active legislative efforts redefining federal crypto oversight. Those parallel tracks now move forward under permanent regulatory leadership.