The U.S. Senate has recently confirmed Mike Selig, a pro-crypto attorney, as the new chair of the Commodity Futures Trading Commission (CFTC), alongside Travis Hill being appointed to lead the Federal Deposit Insurance Corporation (FDIC).

Both nominations were part of a larger package of nearly 100 nominees, approved by a 53-43 Senate vote on Thursday. Selig, who previously worked with the CFTC and SEC, made a commitment to prioritize crypto regulation when nominated in October. He takes over after Brian Quintenz, the prior nominee.

In contrast, Hill, who has been serving as the acting chairman of the FDIC, has expressed his support for cryptocurrencies, even addressing issues related to alleged debanking of companies tied to crypto during Congressional hearings.

Senate Source: Senate Cloakroom

Expectations are high for more comprehensive crypto oversight to soon be assigned to the CFTC, with ongoing discussions regarding a bipartisan Senate bill that aims to redefine jurisdiction over crypto markets.

As FDIC chairman, Hill will oversee regulations for stablecoin issuers and determine banking protocols for the crypto sector.

Selig’s Tenure Ends in 2029, Hill’s in 2030

Selig’s term will conclude in April 2029. He is set to succeed CFTC acting chair Caroline Pham, who is transitioning to a role at crypto infrastructure company MoonPay. Following multiple resignations earlier this year, Selig will be the only commissioner at the CFTC, which typically holds five commissioners.

The appointment of these crypto-advocate leaders has been positively received within the industry. Faryar Shirzad from Coinbase graciously noted that Selig’s credentials as a federal regulator and crypto expert would ensure fair governance of the crypto marketplace.

Cody Carbone from the Digital Chamber also expressed excitement about Selig’s confirmation, highlighting his law background and ability to navigate complex matters related to digital assets.