US Senate Confirms Crypto Friendly Leaders at CFTC and FDIC

Selig’s confirmation comes as lawmakers consider giving the CFTC more authority over crypto markets, while Hill’s leadership at the FDIC is expected to shape how crypto firms and stablecoin issuers access the banking system. At the same time, the CLARITY Act is set for a key Senate markup in January, a step supporters say could finally bring regulatory clarity by defining crypto securities and commodities and clarifying the roles of US financial regulators.

US Senate Confirms Crypto Friendly Regulators

The US Senate confirmed two crypto-friendly figures to lead key financial regulators. In a 53–43 vote on Thursday, the Senate approved a large package of nearly 100 nominees put forward by the Trump administration, including Mike Selig as chair of the Commodity Futures Trading Commission and Travis Hill as chair of the Federal Deposit Insurance Corp.

Selig is a lawyer with experience at both the CFTC and the Securities and Exchange Commission (SEC), and was nominated in October after being selected to replace former nominee Brian Quintenz. During his nomination process, Selig pledged to make cryptocurrency regulation a central focus of his tenure. 

His confirmation comes at a big moment for the CFTC, which is increasingly expected to play a larger role in overseeing crypto markets. Lawmakers are considering measures that will grant the agency clearer authority over digital assets, including a bipartisan Senate bill that was introduced in November that aims to shift primary oversight of crypto spot markets to the CFTC.

Once sworn in, Selig will take over from Acting Chair Caroline Pham, who previously shared her plans to depart the agency upon the confirmation of a permanent chair and join crypto infrastructure firm MoonPay. Selig’s term will run through April 2029. He will initially serve as the sole commissioner at the CFTC, as a series of resignations earlier this year left Pham as the only remaining member of the commission, which is typically composed of five commissioners.

Travis Hill

At the FDIC, Hill has been elevated from acting chair to Senate-confirmed chair and will lead the agency through 2030. Hill has already been overseeing the FDIC’s work and has made clear his openness toward the crypto sector. He also publicly criticized what he describes as the debanking of companies due to their involvement with digital assets, and raised concerns about fair access to banking services. Hill replaces Martin Gruenberg, who resigned in January as part of the transition away from the Biden administration.

So far, the iIndustry reaction to the confirmations has been mostly positive. Coinbase chief policy officer Faryar Shirzad said Selig’s regulatory background and crypto expertise will help ensure the US crypto market is governed with clarity and fairness. Digital Chamber CEO Cody Carbone described Selig’s confirmation as the start of an important new chapter, due to  his experience navigating the complex legal and technical challenges surrounding digital assets. 

CLARITY Act Heads for Key Senate Markup

In other regulatory news, the Digital Asset Market Clarity Act, which is more commonly known as the CLARITY Act, is moving closer to becoming law. A key Senate markup is now expected in January, according to White House artificial intelligence and crypto czar David Sacks. 

Sacks said in a post on X on Thursday that Senate Banking Committee Chair Tim Scott and Senate Agriculture Committee Chair John Boozman confirmed the bipartisan bill will be taken up by the Senate early in the new year. Sacks also said that momentum for the bill is still strong despite earlier delays.

The CLARITY Act is designed to define which digital assets qualify as securities and which should be treated as commodities, a distinction that has been at the center of years of regulatory uncertainty and legal disputes. By clarifying the roles of the SEC, the CFTC, and other regulators, supporters say the bill will provide clearer compliance pathways for crypto firms while still protecting investors. People in the industry argue that such clarity is essential when it comes to encouraging innovation and keeping digital asset development in the United States.

Progress on the bill has been slower than initially anticipated. Senator Cynthia Lummis previously suggested in September that the legislation could reach President Donald Trump’s desk for signature before the end of 2025. That timeline slipped largely due to a record 43-day US government shutdown spanning October and November, which stalled much of Congress’s legislative work. 

Sacks’ latest comments confirm earlier reports that the Senate markup would be pushed into the new year rather than taking place before the end of 2025. The markup stage is a critical step in the legislative process, as senators will debate the bill’s language and may propose amendments before advancing it to a full Senate vote.