US Senate Confirms Pro-Crypto Leaders at CFTC and FDIC

The U.S. Senate has confirmed Mike Selig as the new chair of the Commodity Futures Trading Commission, or CFTC, and Travis Hill as the chair of the Federal Deposit Insurance Corporation, or FDIC, in a package vote of 53 to 43.

Selig, who previously worked at the Securities and Exchange Commission, is expected to prioritize cryptocurrency regulation and oversee initiatives like including stablecoins in tokenized collateral. Hill, who has been serving as acting chairman of the FDIC, has adopted a pro-crypto stance, advocating for banks to manage risks without prohibitions on serving the crypto industry.

This confirmation comes amid ongoing discussions in Congress to grant the CFTC more explicit authority over cryptocurrency trading, a legislative effort that has seen bipartisan support. The industry has reacted positively to these appointments, viewing them as a potential turning point in U.S. crypto regulation, especially with Selig's term lasting until 2029 and Hill's until 2030.