Crypto Policy Pivot: Strategic Regulator Appointments in Washington!
Mike Selig, a lawyer who supports crypto, has been confirmed by the US Senate as the new chair of the Commodities Futures Trading Commission. Selig formerly worked for the Securities and Exchange Commission as well as the CFTC. He promised to prioritize cryptocurrency when he was nominated in October to succeed Brian Quintenz, the previous nominee.
Travis Hill has also been promoted by the Senate to the position of chair of the Federal Deposit Insurance Corporation. In the past, Hill has served as the FDIC’s interim chairman and has shown support for cryptocurrency. He has also raised concerns about the purported debanking of businesses because of their cryptocurrency connections during congressional hearings.
CFTC and FDIC Gain New Chairs Following Senate Vote
The Trump administration nominated about 100 people for various government positions, including two confirmations. By a vote of 53 to 43, the package was approved by the Senate on Thursday. In April 2029, Selig’s reign will come to an end. He will succeed Caroline Pham, the acting chair of the CFTC, after being sworn in. Selig will continue to serve as the only commissioner on the commission, which typically consists of five members. On the other hand, Hill will serve as the agency’s head for the ensuing five years. The FDIC’s previous Senate-confirmed chair was Martin Gruenberg. As part of former President Joe Biden’s departing government, he resigned in January.
FDIC and CFTC Set to Play Bigger Roles in Crypto Regulation
Soon, the CFTC may be granted more precise control over the cryptocurrency markets. This includes actions like a bipartisan Senate bill that was launched in November with the intention of giving the CFTC primary authority of the cryptocurrency market. Moreover, the FDIC will be involved in the banking of the cryptocurrency business and is set to regulate stablecoin issuers.
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