Senate Confirms Trump’s Crypto-Friendly Nominees
However, the U.S. Senate has approved Mike Selig to lead the CFTC and Travis Hill to run the FDIC, both with major potential reach into crypto.
Key Takeaways
Meanwhile, the Senate confirmed a massive package of President Donald Trump’s nominees, including two officials with important regulator roles over the crypto sector.
Consequently, Mike Selig will have a leading role as a crypto watchdog, replacing Acting Chairman Caroline Pham, who has been pushing an aggressive crypto policy agenda.
Crypto-Friendly Posture
Moreover, Travis Hill, who will regulate stablecoin issuers, has taken a crypto-friendly posture, stating that banks are expected to manage safety and soundness risk but have no prohibitions to serving crypto industries.
However, the absence of permanent leaders at the CFTC and FDIC remained two of the more glaring vacancies in Trump administration crypto oversight.
Confirmation Process
Therefore, the Senate has turned to an unusual, mass-confirmation approach to Trump’s federal nominees, dodging a traditional confirmation process.
In addition, the resolution that approved these two officials included 97 confirmation questions attached to the same document.
Impact on Crypto Industry
Meanwhile, the confirmation of Selig and Hill is expected to have a significant impact on the crypto industry, with the CFTC poised to become a leading regulator of U.S. crypto activity.
However, the absence of a permanent leader at the CFTC has left some uncertainty about legal vulnerability for challenges to its policies.
Conclusion
Therefore, the confirmation of Selig and Hill marks a significant step in the Trump administration’s efforts to shape the regulatory landscape for the crypto industry.
However, the impact of their confirmation remains to be seen, and the crypto industry will be watching closely to see how they approach their new roles.
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