The U.S. Senate has confirmed crypto-friendly attorney Mike Selig as the new chair of the Commodity Futures Trading Commission and elevated Travis Hill to chair of the Federal Deposit Insurance Corporation.
Both confirmations were part of a package of nearly 100 nominees put forward by the Trump administration for roles across the federal government, which the Senate approved in a 53–43 vote on Thursday.
Selig, who previously served at both the CFTC and the Securities and Exchange Commission, pledged to make cryptocurrency regulation a top priority after his nomination in October. He was selected to replace the prior nominee, Brian Quintenz.
Hill, who had already been serving as the FDIC’s acting chairman, has also signaled a more crypto-friendly approach. He has spoken at congressional hearings about what he described as the debanking of companies over their ties to digital assets.
The CFTC could soon be granted expanded authority over cryptocurrency markets, particularly if measures such as a bipartisan Senate bill introduced in November are enacted. The legislation aims to shift primary oversight of crypto markets to the CFTC.
Meanwhile, the FDIC is expected to play a key role in regulating stablecoin issuers and shaping how crypto companies access banking services.
Selig will serve as CFTC chair until his term expires in April 2029. Upon being sworn in, he will succeed acting chair Caroline Pham, who had indicated she would step down once a permanent chair was confirmed and move to crypto infrastructure firm MoonPay.
Hill’s term as FDIC chair will run through 2030.
Selig will serve as the sole commissioner of the typically five-member CFTC, following a wave of resignations earlier this year that left Caroline Pham as the commission’s only remaining member.
Hill is set to lead the FDIC for the next five years. His predecessor, Martin Gruenberg, the last Senate-confirmed FDIC chair, stepped down in January as part of the outgoing administration of former President Joe Biden.
Industry reacts positively to crypto regulatory outlook
The appointment of crypto-friendly leaders to two of the industry’s most influential regulators has been welcomed by market participants.
Faryar Shirzad, chief policy officer at crypto exchange Coinbase, said in a post on X that Selig’s “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.”
Cody Carbone, CEO of crypto advocacy group the Digital Chamber, said the Senate’s confirmation of Selig marks an exciting new chapter, citing his “track record as both a commissioner and an attorney tackling the complex, technical issues surrounding digital assets.”
