Trump's CFTC, FDIC Picks Closer to Taking Over Agencies as They Advance in Senate

The U.S. Senate is moving forward with a mass confirmation process that includes key nominees with significant implications for crypto regulation: Mike Selig for CFTC Chairman and Travis Hill for FDIC Chairman. Senate Majority Leader John Thune initiated a cloture process, expected to culminate in a confirmation vote soon. Selig is set to become the sole member of the five-person CFTC commission, taking over from the acting chair. The CFTC is expected to gain explicit authority over crypto markets if Congress passes market structure legislation. At the FDIC, which will regulate stablecoin issuers and impact crypto banking, Travis Hill, already serving as acting chairman, has adopted a crypto-friendly stance, reversing prior administration policies that restricted banks from engaging with crypto activities without prior regulatory approval. Hill has also been addressing industry complaints regarding "debanking."

(Source：CoinDesk)