CFTC and FDIC leaders officially assume office after U.S. Senate approval

The Senate approves Michael Selig and Travis Hill with a 53–43 vote, completing leadership structures at two cryptocurrency regulatory agencies. The vote on December 19 allows the President Trump-nominated candidates to officially assume their roles after months of acting leadership. This change establishes long-term leadership for the central agencies overseeing digital assets, especially as Congress pushes forward with cryptocurrency legislation.

Michael Selig takes office at CFTC amid expanding authority

Michael Selig officially assumes the role of CFTC Chairman, replacing Caroline Pham. Previously, Pham led the agency during a period of increased involvement in the cryptocurrency sector and is now moving to MoonPay as Chief Legal and Administrative Officer.

Selig’s appointment comes as Congress debates legislation to explicitly grant the CFTC authority over the spot cryptocurrency market. The House passed this bill earlier this year, while the Senate continues negotiations. The Senate Banking Committee may hold a hearing before the end of this month.

During Pham’s leadership, the CFTC launched a “cryptocurrency sprint” to modernize internal rules, including integrating blockchain references into regulatory language. The agency is also exploring the use of stablecoins as collateral and encouraging regulated platforms to develop leveraged spot products. Bitnomial is the first exchange to seek approval under this framework.

Selig has a background in cryptocurrency policy at the SEC, having served as chief advisor to the Cryptocurrency Task Force before moving into the private sector. However, he faces an immediate structural challenge—the five-member CFTC Board currently has only one sitting commissioner, following Pham’s departure.

Travis Hill assumes office at FDIC, adjusts banking policies

Travis Hill officially takes on the role of FDIC Chairman after months of acting leadership. During this period, he publicly reversed previous restrictions on banks serving cryptocurrency companies.

According to Hill, banks now self-manage their safety risks without needing prior approval from regulators. In a December hearing before the House Financial Services Committee, Hill emphasized that regulators previously required prior supervisory approval before banks engaged in the crypto market. However, that approach has changed under his temporary leadership.

Hill also prioritizes addressing industry concerns about banks refusing service related to cryptocurrencies. Banks have severed ties with companies and leaders in the space in recent years, a situation industry leaders say stems from regulatory pressure.

Beyond access to crypto, Hill is also reviewing Biden-era banking policies, including proposed restrictions on brokered deposits following bank collapses in 2023. The FDIC plays a central role in managing stablecoin issuers and shaping how crypto companies access insured banking services.

Significance of completing leadership structures

The Senate’s approval completes leadership at two key agencies involved in cryptocurrency regulation, coinciding with ongoing legislative efforts to redefine federal crypto oversight. These parallel processes are now driven by the long-term leadership established.

These appointments follow powerful terms and occur as Congress advances bills to expand crypto oversight authority. The changes in leadership reflect a shift in the U.S. government’s regulatory strategy toward digital assets.

With long-term leadership established at the CFTC and FDIC, both agencies continue their ongoing policy work related to cryptocurrencies, paving the way for further development amid global regulatory trends.