The U.S. Senate confirmed crypto-friendly lawyer Mike Selig as the new chairman of the Commodity Futures Trading Commission and elevated Travis Hill to chairman of the Federal Deposit Insurance Corporation.
The two confirmations are included in a package of about 100 other nominees selected by the Trump administration for various roles across the government, which passed the Senate on a 53-43 vote Thursday.
Selig, who has experience at the CFTC and the Securities and Exchange Commission, vowed to make cryptocurrencies a priority when he was appointed in October, after being chosen to replace previous nominee Brian Quintenz.
Meanwhile, Hill already runs the FDIC as acting chairman and has also expressed a friendly stance towards cryptocurrencies.
He also spoke at a Congressional hearing regarding the alleged cancellation of corporate bank accounts due to ties to cryptocurrencies.
The CFTC could soon receive more specific crypto powers through measures like the bipartisan Senate bill introduced in November, which is expected to shift primary oversight of the crypto market to the CFTC.
The FDIC is prepared to regulate stablecoin issuers and will be involved in banking the crypto industry.
Mr. Selig will be in charge until 2029, and Mr. Hill will be in charge until 2030.
Mr. Selig’s term expires in April 2029. Once appointed, he will succeed CFTC Acting Chair Caroline Pham. Pham was expected to step down and join crypto infrastructure provider Moonpay once a new chairman was chosen.
Selig will remain as the sole member of the normally five-member commission after a series of resignations earlier this year left Pham as the only remaining CFTC commissioner.
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Hill will lead the agency for the next five years. Former Senate-confirmed FDIC Chairman Martin Gruenberg resigned in January as part of former President Joe Biden’s outgoing administration.
Industry is positive about future regulation of cryptocurrencies
News of crypto-friendly leaders at the helm of two major regulators has been well received in the industry.
Faryal Shirzad, chief policy officer at crypto exchange Coinbase, told XPost that Selig’s “experience in the crypto space and as a federal regulator will ensure that the U.S. crypto market is managed with fairness, clarity, and an enduring commitment to the law.”
Cody Carbone, CEO of the digital chamber, a crypto industry advocacy group, said Selig’s confirmation by the U.S. Senate is an exciting new chapter given “his track record both as a member and as an attorney delving into the complex technical issues surrounding digital assets.”
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