Senate approves Trump’s pro-crypto picks to lead CFTC and FDIC

Lawmakers voted late Thursday to confirm Michael Selig as the new chair of the Commodity Futures Trading Commission (CFTC) and Travis Hill as chair of the Federal Deposit Insurance Corp. (FDIC).

Both appointees have taken pro-crypto positions and have advocated for regulatory clarity and innovation in digital assets. Selig, in particular, is known for voicing support for $XRP during the SEC’s legal case against Ripple Labs, emphasizing that $XRP and other digital tokens should not automatically be treated as securities.

Selig is expected to bridge the gap between the SEC and the CFTC as the Commission looks to extend its authority beyond derivatives and swaps into the digital asset spot markets.

The agency has already begun integrating crypto into its regulatory framework, recently authorizing the first-ever spot crypto trading on futures exchanges and establishing registration pathways for overseas platforms to offer derivatives to US customers.

Meanwhile, Hill, Trump’s FDIC Chair pick and acting chairman, has moved to ease rules allowing banks to engage in crypto without prior approval, oppose “debanking” of crypto firms, and back tokenization for payments and DeFi efficiencies.

Hill has said his agenda includes unwinding several Biden administration initiatives, including proposed restrictions on brokered deposits introduced in response to the 2023 bank failures.