Michael Selig To Lead CFTC; Travis Hill Confirmed FDIC Chairman

• Senate confirms Michael Selig as CFTC chairman in a 53–43 vote.
• Selig previously advised the SEC on crypto policy and market structure.
• MoonPay taps former acting CFTC chair for Chief Legal Role.

The U.S. Senate on Tuesday confirmed Michael Selig as chairman of the Commodity Futures Trading Commission (CFTC), a move seen as supporting a more crypto-friendly direction for one of the country’s top financial regulators. Selig was confirmed by a 53–43 vote, becoming the 15th chairman of the agency. 

The Senate also approved Travis Hill as chairman of the Federal Deposit Insurance Corporation (FDIC).

Related: US Inflation Surprise as Headline CPI Cools to 2.7% in November; Lifts Crypto Sentiment

Senate Backs Crypto-Friendly Leadership

Selig currently serves as chief counsel to the Securities and Exchange Commission’s Crypto Task Force and has advised SEC Chair Paul Atkins on digital asset policy. He is known for supporting innovation and clearer rules for cryptocurrency markets.

At the CFTC, Selig will be responsible for regulating crypto derivatives, including futures and options tied to Bitcoin and Ether. The CFTC classifies both assets as commodities, rather than securities.

Trump Nomination Follows Earlier Setback

President Donald Trump nominated Selig in October after withdrawing his previous choice, Brian Quintenz, following a prolonged and contentious confirmation process. 

Quintenz’s nomination faced criticism from parts of the crypto industry over potential conflicts of interest and was ultimately dropped after two scheduled Senate votes were canceled.

Former Acting CFTC Chair to Guide MoonPay

On the flip side, acting CFTC Chair Caroline D. Pham is leaving the U.S. regulator to join crypto payments firm MoonPay, the company said on Tuesday.

MoonPay announced that Pham will become its Chief Legal Officer and Chief Administrative Officer after she concludes her role at the CFTC. The company said Pham will help guide its next phase of growth while strengthening compliance and regulatory operations.

“I’m excited to join MoonPay at a pivotal moment,” Pham said in a statement. 

MoonPay recently secured a New York trust charter, a regulatory approval that allows the firm to expand its financial services offerings in the United States.

Related: Billions Lost to Crypto Scams Push U.S. Senators to Act