US Senate Advances Pro-Crypto Leadership with Key Confirmations

Reading Time: < 1 minute

The US Senate has confirmed two nominees viewed favorably by the digital asset industry to lead major financial regulators. Mike Selig, a lawyer with a pro-crypto background, was confirmed as Chair of the Commodity Futures Trading Commission, while Travis Hill was elevated to Chair the Federal Deposit Insurance Corp.

These confirmations were part of a broader package encompassing nearly one hundred administration nominees, which passed the Senate by a vote of 53-43 on Thursday. The package addressed various roles across the US government.

Selig, who has prior experience at both the CFTC and the Securities and Exchange Commission, committed to prioritizing cryptocurrency matters upon his nomination in October. He was selected to succeed the previous nominee, Brian Quintenz.

Hill has already been leading the FDIC in an acting capacity and has similarly expressed a receptive posture toward cryptocurrency. He has previously addressed concerns in Congressional hearings regarding the alleged debanking of companies due to their involvement with digital assets.

This shift in leadership arrives as the CFTC may be poised to gain more explicit authority over digital assets. This potential expansion is supported by legislative efforts, including a bipartisan Senate bill introduced in November that aims to designate the CFTC as the primary regulator for crypto markets.