The United States Commodity Futures Trading Commission and the Federal Deposit Insurance Corp. will have significant influence in overseeing the U.S. crypto sector, and President Donald Trump’s nominees for president have navigated a Senate confirmation process that is nearing its conclusion — although the Senate likely remains days away from a final vote.
After Thursday’s 52-47 approval of the resolution setting the final vote, Mike Selig is set to take over as CEO of the CFTC, and Travis Hill’s ascension to the post of FDIC chairman will also be decided soon. A spokeswoman for Senate Majority Whip John Barrasso told the social media site X that the final vote would likely take place “early next week.”
Senate Republicans have taken the unusual approach of confirming dozens of Trump’s nominees at once. In this case, 97 confirmation questions are put to a vote, 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 Chair Caroline Pham, who has led the CFTC through a number of pro-crypto policy initiatives. The CFTC is expected to play a leading role in crypto oversight in the United States, especially if Congress ultimately passes a market structure bill that strengthens the agency’s authority.
Even before any legislation passed the Senate, the CFTC embarked on an aggressive blitz, forming a CEO council to weigh in on policy issues, allowing Bitcoin ether and USDC (among other payment stablecoins) are to be used as collateral and allow registered companies to provide spot crypto trading services.
Hill previously led the FDIC as acting chief, so his confirmation would make this role official for him. He also pursued an agenda favoring crypto-friendly banking policies.
Read more: Trump’s CFTC pick Mike Selig clears hurdles on path to confirmation vote
