Mike Selig and Travis Hill were officially confirmed by the Senate on Thursday to lead two significant U.S. financial regulatory agencies involved with cryptocurrency. Selig was approved as chairman of the Commodity Futures Trading Commission (CFTC), and Hill as chairman of the Federal Deposit Insurance Corp (FDIC). The vote on their nominations was 53-43.

The CFTC is a major regulator of derivatives markets, including crypto-related products. Its authority over cryptocurrency could increase if Congress finalizes legislation granting the agency clearer control over spot crypto trading. Currently, the Senate Banking Committee is working on this legislation, which has already passed the House of Representatives earlier this year.

Selig previously worked on crypto policies at the Securities and Exchange Commission and will take over from Acting Chairman Caroline Pham, who has led several pro-crypto initiatives at the CFTC. Pham plans to join crypto infrastructure firm MoonPay as chief legal officer and chief administrative officer after leaving.

Ongoing tasks under Selig’s leadership include incorporating stablecoins into tokenized collateral and updating regulatory language to include blockchain technology. The CFTC has also encouraged regulated platforms to offer spot leveraged crypto products, with Bitnomial being the first to launch such an option. However, Selig will initially be the only commissioner at the five-member CFTC after Pham departs, potentially simplifying policy implementation but raising questions about legal challenges.

At the FDIC, Hill has already served as acting chairman, adopting a more crypto-friendly stance than recent years. During a December 2 hearing at the House Financial Services Committee, he said, “We undid the policy of the past few years,”, referencing previous rules that required banks to get supervisor approval before engaging with cryptocurrency businesses. Hill aims to ensure banks can serve the crypto industry without unnecessary restrictions while managing risk.

Hill has also addressed concerns regarding “debanking,” where banks ended relationships with crypto firms and executives. Republican senators expedited the confirmation process by bundling 97 nominees, including Selig and Hill, into a single vote. The CFTC and FDIC appointments fill key leadership gaps in the crypto regulatory landscape within the current administration.

For more details on Mike Selig‘s nomination process, see this article.

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