## Personnel Changes at FDIC and CFTC: What Awaits the Cryptocurrency Industry?

The US Senate confirmed the nominations of Michael Selig and Travis Hill for chairmanship positions at two key financial institutions by a vote of 53–43. This decision finalized the confirmation process, which combined both nominations with other appointments in an unprecedented pace.

### Hill Restores Banking Access for the Crypto Sector

Before officially taking office, Travis Hill already signaled a shift in direction at FDIC. During his interim tenure, he revoked restrictive guidelines from the previous administration, which effectively hindered banks from cooperating with cryptocurrency companies. According to his testimony before the House committee, financial institutions can now manage security risks independently, without prior approval from regulators.

This policy reorientation directly impacts the de-banking issue that has affected the blockchain sector for years. Cryptocurrency companies lost access to traditional banking services, and Hill indicates openness to changing this situation. Additionally, Hill announced a review of policies from the previous administration, including controversial restrictions on broker deposits introduced after bank failures in 2023.

FDIC plays a crucial role in regulating stablecoin issuers and cryptocurrency companies' access to insured banking services. Its decisions shape the operational capabilities of the entire sector.

### Selig Takes Over CFTC Amid Expansion of Authority

Michael Selig assumes the role of CFTC chairman during a period of dynamic legislative changes. The House of Representatives has already forwarded a bill granting the commission explicit authority over spot digital asset markets. Negotiations in the Senate are in advanced stages, and the Banking Committee may hold hearings before the end of December.

Selig’s predecessor, Caroline Pham, used her time at the agency to lay the groundwork. Her team implemented a "crypto sprint" aimed at modernizing internal regulations by integrating references to blockchain technology into the regulatory language. The agency also examined the use of stablecoins as qualified collateral and encouraged platforms to offer leveraged products in the spot market.

Selig has extensive knowledge of digital asset policy—previously working at the SEC as the chief advisor to the Crypto Task Force. However, his position at CFTC faces an internal challenge: the five-member panel of the commission has been reduced to a single member. This structure could facilitate faster implementation of solutions but may also encounter procedural and legal scrutiny.

### Broader Context of Regulatory Changes

The confirmations of Selig and Hill are part of a larger shift in US financial oversight. The President has already appointed leadership in the SEC, the Department of the Treasury, and the Office of the Comptroller. The only stable element remains the Federal Reserve, where Jerome Powell will serve until the end of his term.

The parallel nature of these changes—personnel appointments across agencies and active legislative work on a new framework for cryptocurrencies—suggests a coordinated effort to reshape the federal approach to digital assets. For the industry, this means a period of intensified discussions both at the executive and legislative levels.