The US Senate approved Michael Selig to lead the Commodity Futures Trading Commission (CFTC) and confirmed Travis Hill as chairman of the Federal Deposit Insurance Corp. (FDIC) in a 53-43 vote, advancing a slate of nearly 100 Trump administration nominees and setting new leadership terms running through 2029 and 2030.
Selig’s term as CFTC chair will expire in April 2029. Once sworn in, he will replace acting Chair Caroline Pham, who had said she would depart following the confirmation of a permanent chair and planned to join crypto infrastructure provider MoonPay. After a series of resignations earlier this year, Selig will serve as the sole commissioner of the five-member commission.
Hill, whose term runs through 2030, has been serving as acting FDIC chairman since January. He succeeds Martin Gruenberg, the previous Senate-confirmed FDIC chair, who resigned as part of the transition from the administration of former President Joe Biden.
Selig takes office at a time when Congress is considering legislation that would place the CFTC at the center of federal cryptocurrency regulation. Bills in both the House and Senate would shift primary oversight of digital commodity markets to the agency. In November, a bipartisan Senate proposal outlined plans to transfer certain crypto market responsibilities to the CFTC.
Earlier this month, the agency allowed the first exchange to list regulator-approved spot crypto products, reinforcing its role in crypto trading oversight.
Trump nominated Selig in October after withdrawing the earlier nomination of Brian Quintenz, policy lead at a16z. Quintenz’s nomination faced criticism from some industry figures, including Gemini founders Tyler and Cameron Winklevoss, over potential conflicts of interest. Two scheduled Senate votes on his nomination were later canceled, and it was dropped.
Selig previously served at the CFTC and at the Securities and Exchange Commission, where he was chief counsel for the SEC’s Crypto Task Force. He was also a partner at Willkie Farr & Gallagher, focusing on digital assets.
During his confirmation hearing before the Senate Agriculture Committee last month, Selig spoke about the need for clearer rules for crypto while balancing consumer protection and allowing software developers to innovate. Senators also questioned whether the CFTC has sufficient resources if Congress assigns it a larger regulatory role. The CFTC employs 543 full-time staff, compared with 4,200 at the SEC. Selig said funding needs could be assessed once he assumes office.
Faryar Shirzad, chief policy officer at Coinbase, said in an X post 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.”
Senate Agriculture Committee Chairman John Boozman said, “I look forward to working with Chairman Selig to ensure the CFTC offers clear and pragmatic regulation of risk management markets, and particularly as Congress considers legislation to expand its authority related to digital commodities.”
Cody Carbone, CEO of The Digital Chamber, said, “We are excited for this new chapter for Mike and are grateful for his track record as a member and a lawyer digging into the complex, technical issues around digital assets. His understanding of the industry’s value to consumers and investors will be critical as the commission and Congress write the rules and laws that will regulate the industry in the US.”
Hill has previously addressed concerns raised in congressional hearings regarding the debanking of companies linked to crypto. The FDIC is expected to regulate stablecoin issuers and oversee aspects of how crypto-related firms access banking services.
Original article: https://www.yogonet.com/international/news/2025/12/19/116903-senate-confirms-michael-selig-to-lead-cftc-and-travis-hill-to-chair-fdic
