Senate Confirms Pro-Crypto Leaders to CFTC and FDIC

This article was first published on Deythere.

The Senate has just approved leading Trump-promoted picks to head two top federal financial bodies. The Senate approved Michael Selig as the Chair of the Commodity Futures Trading Commission (CFTC) and Travis Hill as Chair of the Federal Deposit Insurance Corporation (FDIC). 

Both appointees are seen as supportive of clearer digital asset guidelines and more open financial technology-related regulations. 

Senate Confirms Crypto-Friendly Leaders

U.S. Senate voted Michael Selig as permanent CFTC Chair and Travis Hill as FDIC Chair in 53-43 vote on the final two pieces of the leadership transition at two central financial and digital asset markets agencies.

Selig’s confirmation brings to a close long months of delays that started in February 2025, when President Donald Trump nominated him to replace Acting Chair Caroline Pham at the CFTC. Pham, who led the agency through a time of intensive engagement with digital asset infrastructure and policy developments, is leaving to work in a senior position at the crypto infrastructure provider MoonPay, the organization said.

Hill, who has served as Acting Chair of the FDIC since January 2025, is now officially ascended to the agency’s top position. 

Michael Selig’s Crypto Regulatory Vision at the CFTC

Michael Selig comes to the CFTC with an extensive professional background specific to digital assets and financial market structure. The former chief counsel of the Securities and Exchange Commission’s Crypto Task Force, Selig has been an advocate for “principles-based regulation” and clear rules that can be adapted to accommodate new technologies. 

In his Senate confirmation hearing, Selig portrayed his strategy as being one that would avoid the rule of enforcement by ambiguity and instead prefer a rule of orderly market operation.

“Regulators unaware of the real-world impact of their efforts… drive businesses offshore and smother entrepreneurs with red tape,” 

Selig said in prepared testimony to the Senate Agriculture Committee, adding that he would aim to establish “principles-based, common sense regulations that promote vibrant markets, while keeping up with innovation at a rapid pace” if confirmed.

In his speech, Selig also put emphasis on the need for market structure reforms and customer protections. The CFTC had already opened a door to certain types of spot crypto trading through futures exchanges, and is considering how to regulate tokenized collateral and blockchain technology as part of derivatives markets.

Banking and Crypto: Travis Hill’s and the FDIC’s Stance

Travis Hill’s confirmation as FDIC Chair brings another jolt in US crypto regulation, particularly on how the supervision of banks overlaps with digital asset activities. 

Acting Chair Hill earlier in 2025 led the reconsideration by the FDIC of several policies limiting bank involvement in digital assets. Previous regulatory updates that have been published so far had already reported that under Hill’s command, the FDIC has repealed guidance forcing banks to seek guarantees in advance, as well as giving permission for these financial institutions to service clients with cryptos if they can manage risks.

During a Dec. 2, 2025 hearing before the House Financial Services Committee, Hill testified that this new direction was justified because policies enacted under previous administrations had “banks having to receive permission from government supervisors in order to begin any sort of cryptocurrency activity,” a restriction he assisted in rolling back. 

Banks have a role in managing such risks to safety and soundness, not precluding banks from serving these new technologies,” according to Hill.

The FDIC also administers deposit insurance and general examination oversight of commercial banks, making its take on digital assets important for institutions that may provide custody, lending, tokenization services or hold digital currencies. 

Hill’s confirmation is expected to cement the agency with a more forgiving regulatory stance and inspire traditional banks to work more closely with digital asset firms, paving the way for new opportunities in integrated finance in the U.S.

Effects on the Market of Digital Assets and Participation of Institutions

The confirmations of Selig and Hill are likely to have effect throughout the larger digital asset industry. The U.S. has long fought regulatory fragmentation, getting stumped as firms pack up and move overseas or customize services outside of U.S. jurisdiction because of restrictive rules and changing enforcement priorities. 

Industry insiders view this as a reduction in that barrier, which further incentivizes compliance-focused innovation and investment.

SIFMA, the trade association, issued a statement offering congratulations to Selig and Hill and other confirmed nominees and saying that these appointees would help to ensure that “the nation’s capital markets continue to thrive while meeting the needs of investors they serve.”

Conclusion

US crypto regulation stands tall as Michael Selig is confirmed to head the CFTC and Travis Hill takes over FDIC. Their approvals represent a move towards more transparency, participation, and institutionalization in the digital asset market. 

With active regulatory modernization underway and leadership committed to integrating blockchain innovation into regulated markets, the U.S. appears set to redefine its role in the global digital asset economy in late 2025 and beyond.

Glossary

US crypto oversight: Regulation by the federal government of markets for cryptocurrencies and financial services related to them in the US.

Commodity Futures Trading Commission (CFTC): Federal agency that governs futures, derivatives, and now some digital asset markets.

Federal Deposit Insurance Corporation (FDIC): A government agency that provides deposit insurance on American banks.

Tokenization: The digitization and representation of real-world assets in the form of tokens on a blockchain.

Market structure laws: Laws that are meant to lay out how trading markets function, such as rules for digital asset markets.

Frequently Asked Questions About US Crypto Regulation

What is the CFTC’s role in regulating crypto?

The CFTC oversees derivatives and is increasingly set to regulate wider digital asset markets, also including spot products should legislation pass.

Who is Michael Selig?

Michael Selig was confirmed to Chair the CFTC and was formerly chief counsel for the SEC Crypto Task Force. He thinks clearer digital currency regulations are needed.

Why does the FDIC matter for crypto?

It is the FDIC that regulates banks, and its policies guide those of traditional financial institutions when it comes to responding for crypto-related services.

How did the Senate vote go?

Both nominees were confirmed by the Senate on December 18, 2025 in a vote of 53-43.

Does this mean the laws around crypto will change overnight?

There were no new laws enacted immediately, but the path of regulation is being redirected through agency leadership and upcoming guidance.

References

CoinDesk
Bloomberg
SIFMA
Senate Committee on Agriculture
WilmerHale