Key Insights
- Senate approves Selig at CFTC as debate over crypto oversight sparks.
- Hill takes up chairmanship of the FDIC, with the agency indicating its openness to crypto banking.
- Legislatures are reviewing bills to enhance the CFTC’s power over cryptocurrency.
The U.S. Senate has approved a strong set of executive nominations that places new leadership at two agencies central to financial and cryptocurrency oversight. Within a single package vote, lawmakers advanced Michael Selig to serve as chair of the Commodity Futures Trading Commission (CFTC). They elevated Travis Hill to chair the Federal Deposit Insurance Corp. (FDIC).
The confirmation package, which included nearly 100 nominees across the federal government, passed the Senate on Thursday by a 53–43 margin. The vote clears the way for leadership changes at a time when Congress is weighing legislation that could reshape crypto market supervision.
https://twitter.com/SenateCloakroom/status/2001826123659751793
Selig Takes the Helm at a Leaner CFTC
President Donald Trump nominated Selig in October following the withdrawal of his previous pick, Brian Quintenz, a policy executive at venture firm a16z.
Selig arrives with experience spanning both regulation and private practice. He previously served as chief counsel to the Securities and Exchange Commission’s Crypto Task Force.
Lawmakers also questioned whether the CFTC, which currently employs 543 full-time staff compared with about 4,200 at the SEC, has sufficient resources to manage a larger role in crypto oversight. Selig stated that funding needs would be easier to assess once he formally takes office.
Additionally, Agriculture Committee Chair John Boozman said he expects to work with Selig on pragmatic oversight of risk management markets, particularly as Congress considers expanding the CFTC’s authority over digital commodities.
FDIC Leadership Change Signals Policy Shift on Crypto Banking
The timing of Selig’s confirmation aligns with renewed legislative efforts to clarify which agency leads crypto regulation. A bipartisan Senate bill introduced in November proposes shifting primary oversight of much of the crypto market to the CFTC, marking a potential change from the SEC’s current dominance in enforcement actions.
Selig’s term will run through April 2029. Once sworn in, he will replace Acting Chair Caroline Pham, who plans to leave the agency to join the crypto infrastructure firm MoonPay. Due to a wave of resignations earlier this year, Selig will initially serve as the sole commissioner on the five-member commission.
Meanwhile, Travis Hill’s confirmation solidifies leadership at the FDIC following the January resignation of former chair Martin Gruenberg under the previous administration of President Joe Biden. Hill has publicly addressed concerns over the debanking of firms with crypto ties and has taken a more open stance toward digital asset businesses during congressional hearings.
The FDIC is expected to play a growing role in supervising stablecoin issuers and shaping how banks engage with the digital asset sector. Hill replaces Martin Gruenberg, who resigned in January as part of the outgoing administration of former President Joe Biden.
