The US Senate has approved the appointments of cryptocurrency-supportive figures to two major financial watchdogs, confirming lawyer Mike Selig as chair of the Commodity Futures Trading Commission and elevating Travis Hill to lead the Federal Deposit Insurance Corp. Both confirmations were part of a broader slate of nearly 100 nominees put forward by the Trump administration, which cleared the Senate in a 53–43 vote on Thursday.

Selig, who previously served at both the CFTC and the Securities and Exchange Commission, indicated during his October nomination process that digital assets would be a central focus of his agenda after replacing earlier nominee Brian Quintenz. Hill, who has already been serving as acting FDIC chair, has also taken a relatively open stance toward crypto and has spoken publicly about concerns surrounding the alleged debanking of crypto-linked businesses.

Expanded crypto oversight on the horizon

The leadership changes come as lawmakers consider expanding the CFTC’s role in crypto regulation. A bipartisan Senate bill introduced in November seeks to move primary oversight of crypto markets to the CFTC. At the same time, the FDIC is expected to play a role in supervising stablecoin issuers and shaping how banking services interact with the digital asset sector.

Selig’s term as CFTC chair will run until April 2029. Once sworn in, he will replace acting chair Caroline Pham, who has indicated plans to step down and join crypto infrastructure firm MoonPay. For now, Selig will serve as the sole commissioner of the typically five-member CFTC, following a wave of resignations that left Pham as the only remaining commissioner earlier this year.

Hill is set to lead the FDIC for the next five years. His appointment follows the January resignation of Martin Gruenberg, the previous Senate-confirmed chair, amid the transition from the Biden administration.

Industry reaction to crypto-friendly appointments

The crypto industry has largely welcomed the confirmations. Coinbase chief policy officer Faryar Shirzad said in a post on X that Selig’s “experience in crypto and as a federal regulator will ensure that America’s crypto market is governed with fairness, clarity and an abiding commitment to the law.”

Cody Carbone, CEO of the Digital Chamber, also framed the move as a positive development, describing Selig’s confirmation as an important step given “his track record as a member and a lawyer digging into the complex, technical issues around digital assets.”

Sources:

https://www.fdic.gov/speech-vice-chairman-travis-hill-preliminary-thoughts-fdic-policy-issues-1-10-2025pdf

https://cointelegraph.com/news/us-senate-confirms-crypto-friendly-cftc-fdic-chairs

https://x.com/SenateCloakroom/status/2001826123659751793

https://x.com/DigitalChamber/status/2001828643257847937

https://x.com/ramahluwalia/status/2001843125946343843

https://x.com/faryarshirzad/status/2001832843723362800