The Senate has confirmed Mike Selig and Travis Hill to lead two of the most critical US financial regulators. This decision strengthens the position of Donald Trump’s team as it paves the way for the CLARITY Act. Simultaneously, the president is finalizing his selection for the next Fed Chair, with a crypto advocate remaining a top contender.
New Faces at the CFTC and FDIC
Senators confirmed the nomination package in a 53-43 vote. The Commodity Futures Trading Commission (CFTC) will be headed by Mike Selig, with a term lasting until April 2029.
Selig previously served as a lawyer at the agency and the SEC. Following his nomination in October, he publicly pledged to make cryptocurrencies a priority. He replaces acting chair Caroline Pham, who is departing for crypto infrastructure startup MoonPay.
The Federal Deposit Insurance Corporation (FDIC) moves under Travis Hill’s management for a five-year term. Hill previously led the agency in an acting capacity.
He is known for his sharp criticism of practices where banks closed accounts for companies solely due to their ties to the crypto industry. Control over stablecoin issuer regulation will now fall under his purview.
Market Reaction
The industry met the news with enthusiasm.
“Selig’s experience in crypto and as a federal regulator will ensure that America’s crypto market is governed with fairness, clarity and an abiding commitment to the law,” stated Coinbase Chief Policy Officer Faryar Shirzad.
Digital Chamber CEO Cody Carbone believes this matters for both innovation and investor protection.
“The US Senate’s confirmation of Selig is an exciting new chapter, given his track record as a member and a lawyer digging into the complex, technical issues around digital assets,” he wrote.
Fed Chair Speculation
Donald Trump announced that the shortlist to replace Jerome Powell has narrowed to three or four names. The president promised to reveal the new Fed Chair within the next two weeks.
Trump specifically highlighted Chris Waller, calling him a fantastic candidate. Waller is viewed as loyal to the sector, having previously stated he sees no threats in crypto payments operating outside the banking system.
According to data from prediction platform Polymarket, economic advisor Kevin Hassett remains the favorite with a 53% probability. Waller’s odds are currently estimated at 14%.
Timing for the CLARITY Act
Work on the legislative foundation for these new regulators begins in just a month. White House AI and Crypto Czar David Sacks confirmed that Senate Banking Committee Chair Tim Scott and Agriculture Committee Chair John Boozman have agreed on the schedule.
The CLARITY Act will head to committees for markup in January. The document aims to clearly define jurisdictional lines between the SEC and the CFTC, as well as provide definitions for digital securities and commodities. Sacks emphasized that US authorities have never been this close to passing specific industry legislation.
Read also:
- The New Laws of US Crypto: GENIUS, CLARITY & Anti-CBDC Acts
- US Senate Delays Crypto Market Reform Until 2026
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