Selig and Hill take the lead of CFTC and FDIC: a decisive turn for crypto regulation in the U.S.

Two Key Changes in Financial Supervision Redefining Crypto Access

The confirmation of Michael Selig as Chair of the CFTC and Travis Hill as head of the FDIC marks a turning point in U.S. regulatory policy toward digital assets. Both appointments, approved by a 53–43 vote in the Senate, fill structural vacancies in two fundamental agencies for the crypto industry. These changes come at a critical moment as Congress debates legislation that would significantly expand regulatory authority over digital markets.

Eleanor Powell and other industry observers have noted that these appointments represent a clear alignment between the executive branch and two key regulatory institutions. The confirmation process used an unusual mechanism: it grouped both nominees with dozens of others under a massive confirmation resolution that included 97 questions attached to a single measure, avoiding traditional individual votes.

Selig Takes the Helm of an Expanding Regulatory CFTC

Michael Selig will replace Caroline Pham as permanent Chair of the CFTC. Pham, who led the agency during months of increasing involvement in crypto policies, has planned her transition to MoonPay as General Counsel and COO. Her interim management laid strategic foundations: the commission launched a “crypto sprint” initiative to modernize its regulatory framework, incorporated references to blockchain in supervisory language, and explored the use of stablecoins as eligible collateral in tokenized structures.

Selig’s professional background positions him strategically: he worked on crypto policies within the Securities and Exchange Commission, where he was chief legal advisor to the Crypto Task Force. His trajectory places him at the intersection of the SEC and CFTC just as jurisdictional lines are being redefined.

Selig assumes the role in an accelerated legislative context. The House approved legislation granting the CFTC explicit authority over spot crypto markets, while negotiations in the Senate remain active. The Senate Banking Committee may still hold a review hearing before the end of the month. With Pham out of the picture, Selig will temporarily be the only acting commissioner on a five-member panel, which could speed up the implementation of internal policies but also raise legal scrutiny regarding procedural compliance.

Hill Strengthens Bank Openness Toward Crypto Companies

At the FDIC, Travis Hill formalizes changes he already implemented during his interim leadership. His provisional management publicly reversed restrictions on banks providing services to crypto firms, allowing institutions to manage security risks without requiring prior regulatory approval.

During his testimony before the House Financial Services Committee in December, Hill directly addressed inherited policies. Under previous regimes, supervisors required prior approval before banks entered digital markets. This administrative barrier disappeared under his leadership.

The FDIC plays a central role in determining how crypto companies access insured banking services and how stablecoin issuers are regulated. Beyond crypto access, Hill has begun reviewing restrictions on intermediary deposits introduced after the bank failures of 2023, also under scrutiny of capital and liquidity requirements.

A Consolidated Regulatory Ecosystem for the Digital Industry

The confirmations of Selig and Hill add to previous appointments by Trump to the Securities and Exchange Commission, the Treasury, and the Office of the Comptroller. Together, these changes establish consistent permanent leadership in key agencies overseeing crypto supervision. The only exception remains the Federal Reserve, where Jerome Powell is completing his term without replacements yet.

The Senate has thus consolidated a reoriented regulatory architecture. Active legislative pathways redefining federal crypto oversight now proceed under permanent leadership in two fundamental institutions. While Selig modernizes derivatives and digital asset frameworks, Hill ensures that banking infrastructure can support crypto growth without unnecessary regulatory friction.