Both the US Commodity Futures Trading Commission and the Federal Deposit Insurance Corporation will have significant reach in overseeing the US crypto sector, and President Donald Trump’s nominees to be its chairman have been inching through a Senate confirmation process that is nearing completion, although the Senate is likely days away from holding a final vote.
After Thursday’s 52-47 approval of the resolution establishing the final vote, Mike Selig is one step away from taking charge of the CFTC, and Travis Hill’s promotion to FDIC chairmanship will also soon be decided. A spokeswoman for Senate Majority Leader John Barrasso posted on the social media site X that the final vote will likely be “early next week.”
Senate Republicans have leaned toward an unusual approach of confirming dozens of Trump nominees at once. In this case, 97 confirmation questions are being voted on, of which Selig and Hill are only two.
Selig, a senior official working on crypto issues at the Securities and Exchange Commission, would replace acting chairwoman Caroline Pham, who has been leading the CFTC through a series of pro-cryptocurrency policy initiatives. The CFTC is expected to take a leading role in overseeing cryptocurrencies in the US, especially if Congress eventually passes a market structure bill that consolidates the agency’s authority.
Even before any legislation reaches the Senate, the CFTC has launched an aggressive attack, forming a council of CEOs to weigh in on policy issues, allowing Bitcoin Ether and USDC (among other payment stablecoins) will be used as collateral and allow registered companies to provide spot cryptocurrency trading services.
Hill has already been leading the FDIC as acting chief, so his confirmation would make that role official for him. It has also pursued an agenda that favors crypto-banking-friendly policies.
Read more: Trump’s CFTC pick Mike Selig overcomes hurdles on path to confirmation vote
