Both the US Commodity Futures Trading Commission and the Federal Deposit Insurance Corp. will have significant reach in overseeing the US crypto sector, and President Donald Trump’s nominee to be their chairman has crawled through a Senate confirmation process that is nearing completion — though the Senate is likely still days away from actually holding a final vote.
After Thursday’s 52-47 approval of the resolution setting up the final vote, Mike Selig is one step away from taking over the CFTC, and Travis Hill’s ascension to chairman of the FDIC will also be decided soon. A spokeswoman for Senate Majority Whip John Barrasso wrote on social media X that the final vote is likely “early next week.”
Senate Republicans have taken an unusual approach to confirming dozens of Trump’s nominees at a time. In this case, there are 97 confirmation questions being voted on, with Selig and Hill just two among them.
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 series of pro-crypto policy initiatives. The CFTC is expected to take a leading role in crypto oversight in the United States, especially if Congress eventually passes a market structure bill cementing the agency’s authority.
Even before any legislation makes it through the Senate, the CFTC has gone on an aggressive blitz and formed an Executive Director Council to weigh in on policy issues, allowing Bitcoin Ether and USDC (among other payment stablecoins) for use as collateral and allow registered firms to provide spot crypto trading services.
Hill has already led the FDIC as interim chief, so his confirmation would make that role official for him. He has also pursued an agenda favoring friendly crypto banking policies.
Read more: Trump’s CFTC pick, Mike Selig, clears hurdle on confirmation vote
