The U.S. Senate has confirmed Michael Selig to head the Commodity Futures Trading Commission (CFTC) and Travis Hill as the chairman of the Federal Deposit Insurance Corp. (FDIC). This decision came through a 53-43 vote, pushing forward nearly 100 nominees from the Trump administration, with terms extending to 2029 and 2030.
Selig’s tenure as CFTC chair is set to end in April 2029. After taking the oath, he will succeed acting Chair Caroline Pham, who announced her exit following the confirmation of a permanent chair and plans to join the cryptocurrency infrastructure provider MoonPay. With earlier resignations this year, Selig will be the singular commissioner on the five-member commission.
Having served as the acting FDIC chairman since January, Hill’s term is secured until 2030. He replaces Martin Gruenberg, who resigned as part of the shift from the Biden administration.
Selig steps into his role during a pivotal moment as Congress debates legislation potentially positioning the CFTC as the primary regulatory body for federal cryptocurrency oversight. Proposals in both chambers seek to delegate primary oversight of digital commodity markets to the agency. A bipartisan Senate outline from November suggested transferring specific crypto market responsibilities to the CFTC.
Earlier this month, the agency permitted the first exchange to list regulatory-approved spot crypto products, further affirming its authority in cryptocurrency trading oversight.
Trump nominated Selig in October, replacing the previous selection of Brian Quintenz, the policy head at a16z, due to critiques from industry influencers, including Gemini founders Tyler and Cameron Winklevoss, regarding possible conflicts of interest. Multiple scheduled Senate votes on Quintenz’s nomination were ultimately canceled, leading to his withdrawal.
Previously, Selig worked at both the CFTC and the Securities and Exchange Commission, where he acted as chief counsel for the SEC’s Crypto Task Force, and was a partner at Willkie Farr & Gallagher, specializing in digital assets.
During his confirmation hearing in front of the Senate Agriculture Committee last month, Selig emphasized the necessity for clearer crypto regulations while ensuring consumer protections and fostering innovation among software developers. Concerns were raised among senators regarding whether the CFTC has enough staffing and resources to accommodate an expanded regulatory role. Currently, the CFTC has 543 full-time employees, compared to the SEC’s 4,200. Selig mentioned that funding requirements could be evaluated upon his official appointment.
Faryar Shirzad, chief policy officer at Coinbase, expressed in a post on X that Selig’s “expertise in cryptocurrency and as a federal regulator will guarantee that the U.S. cryptocurrency market operates fairly, transparently, and in strict compliance with the law.”
Chairman of the Senate Agriculture Committee, John Boozman, remarked, “I anticipate collaborating with Chairman Selig to ensure the CFTC delivers clear and practical regulation for risk management markets, notably as Congress evaluates legislation to enhance its authority concerning digital commodities.”
Cody Carbone, CEO of The Digital Chamber, stated, “We are enthusiastic about this new phase for Mike and appreciate his consistent involvement as a member and a lawyer navigating the intricate, technical elements surrounding digital assets. His insight into the industry’s significance for consumers and investors will be vital as the commission and Congress formulate the regulations and laws governing the industry in the United States.”
Hill has previously tackled concerns raised in congressional hearings about the debanking of companies associated with cryptocurrency. The FDIC is poised to regulate stablecoin issuers and manage how crypto-linked firms access banking services.