The CFTC may soon gain expanded crypto oversight authority through a bipartisan Senate bill introduced in November.
Crypto News
The U.S. Senate approved Mike Selig as chair of the Commodity Futures Trading Commission and Travis Hill as chair of the Federal Deposit Insurance Corp on Thursday. The confirmations passed with a 53-43 vote as part of a package containing nearly 100 nominees selected by the Trump administration for various government positions.
Selig brings experience from both the CFTC and Securities and Exchange Commission to his new role. He committed to prioritizing crypto regulation when nominated in October, replacing the previous nominee Brian Quintenz. His term extends through April 2029.
Hill has been serving as acting chairman of the FDIC and will now lead the agency through 2030. He has publicly criticized the alleged debanking of companies with crypto connections at Congressional hearings. Martin Gruenberg, the previous Senate-confirmed FDIC chair, resigned in January during the transition from the Biden administration.
The CFTC may soon gain expanded crypto oversight authority through a bipartisan Senate bill introduced in November. The proposed legislation aims to transfer primary crypto market supervision to the CFTC. The FDIC will regulate stablecoin issuers and influence banking access for the crypto sector.
Selig will serve as the sole commissioner on the normally five-member CFTC following a series of resignations earlier this year. Caroline Pham, the acting chair, planned to depart once a new chair was confirmed and will join crypto infrastructure provider MoonPay.
Coinbase chief policy officer Faryar Shirzad said Selig's experience in crypto and federal regulation will ensure America's crypto market operates with fairness and clarity. Cody Carbone, CEO of advocacy group Digital Chamber, called the confirmation an exciting development given Selig's track record on complex digital assets issues.
The industry has responded positively to having crypto-friendly leaders at two major regulatory agencies. Both appointments signal a shift in the regulatory approach to digital assets at the federal level.
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