Michaela
President Donald Trump has formally nominated Travis Hill, who has served as acting chair since January, to lead the Federal Deposit Insurance Corporation (FDIC) for a five-year term, sending the nomination to the Senate for confirmation.
Key points:
- President Trump has nominated Travis Hill, acting FDIC chair since January, for a five-year term, sending the nomination to the Senate for confirmation.
- Hill has issued guidance on cryptocurrency activities and addressed debanking claims, while the FDIC recently eased rules to give banks more flexibility in engaging with digital assets.
- The administration has yet to appoint a chair for the Commodity Futures Trading Commission (CFTC), leaving key crypto regulatory leadership and policy direction uncertain.
Congressional records show that President Trump submitted Hill’s nomination to serve as FDIC chair to the Senate Banking Committee on Tuesday. Hill has led the agency in an acting capacity for the past seven months, during which he issued guidance on cryptocurrency activities and addressed claims of debanking by U.S. authorities.
“Travis Hill will continue to to bring principled leadership and deep experience in banking policy to the position of Chairman of the Board of Directors of the Federal Deposit Insurance Corporation, a stark contrast to the toxic culture that persisted under the failed leadership of former Chair Gruenberg during the Biden administration,” Senator Tim Scott, chairman of the Senate Banking Committee, said in a statement published on X.
In March, the FDIC revised its banking regulations, removing a prior approval requirement and granting banks greater flexibility to engage in digital asset activities, provided they manage associated risks. Previously, under Financial Institution Letter FIL-16-2022, FDIC-supervised banks were required to formally notify the agency and obtain a non-objection before beginning any crypto-related operations.
While President Trump has announced several nominations that could shape U.S. crypto policy, he has yet to select a chair for the Commodity Futures Trading Commission (CFTC). The nomination of prospective CFTC Chair Brian Quintenz was officially withdrawn earlier this week.
The uncertainty surrounding Quintenz’s nomination reportedly dates back to July, when Gemini co-founders Tyler and Cameron Winklevoss told President Trump that Quintenz’s views conflicted with the administration’s agenda. Shortly after, the White House asked the Senate Agriculture Committee to delay a scheduled meeting that might have moved his nomination toward a full Senate vote.
Lawmakers and industry insiders now await the Senate’s decision, which will officially confirm leadership and determine the next phase of regulatory action. With key appointments pending, the pace and direction of crypto-related guidance, enforcement, and oversight remain in limbo, leaving financial institutions and market participants navigating uncertainty until new leadership is in place.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
