The U.S. Senate has confirmed the appointments of two of President Donald Trump‘s nominees, who are expected to play vital roles in regulating the crypto sector.
Senate Confirms Crypto-Focused Regulators
The Senate confirmed Mike Selig as the head of the Commodity Futures Trading Commission (CFTC) and Travis Hill as the leader of the Federal Deposit Insurance Corp (FDIC) on Thursday.
Selig, who will succeed Acting Chairman Caroline Pham, is expected to play a crucial role as a crypto watchdog. The CFTC is likely to become a key regulator of U.S. crypto activity, particularly if Congress finalizes the legislative work to grant more specific crypto authority to the derivatives watchdog.
Hill, who has been serving as the acting chairman of the FDIC, will oversee stablecoin issuers and significantly impact the banking of the crypto industry. He has already taken a crypto-friendly stance in his acting role.
Both Selig and Hill were confirmed in a package of numerous other nominees with a 53-43 vote.
Crypto Nominees Could Shape Regulation
The confirmation of these nominees is a significant development in the U.S. crypto regulatory landscape. Selig, who was appointed as the Chair of the CFTC, had previously pledged to work tirelessly to make the U.S. the global crypto capital. His confirmation is expected to further solidify the U.S.’s position in the global crypto market.
Selig, a senior cryptocurrency regulator under the Trump administration, also served as Senior Advisor to SEC Chair Paul Atkins. He previously worked at law firm Willkie Farr & Gallagher and has experience in traditional commodities markets from his time at the CFTC under Chair Chris Giancarlo.
Meanwhile, Hill, who was a former staffer at the Senate Banking Committee, told lawmakers on December 2 that his committee “undid” a Biden-era policy that required bankers to obtain government approval before pursuing new crypto activities.
Moreover, the Senate’s approval of these nominees comes at a crucial time when the U.S. is working on a long-delayed crypto market-structure bill. The bill, which is nearing completion, aims to provide regulatory clarity in the U.S. crypto market. The confirmation of these crypto-friendly nominees could potentially influence the direction of this bill and the overall regulatory environment for the U.S. crypto industry.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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