Former U.S. President Trump has submitted the nomination of Federal Deposit Insurance Corporation (FDIC) Acting Chair Travis Hill to the Senate for consideration to serve in that government position for a term of five years.
According to congressional records, Trump's nomination documents for Hill to serve as FDIC Chair were sent to the Senate Banking Committee on Tuesday.
Before taking on the FDIC role, Hill stated that the agency should provide more guidance on digital assets and tokenization, and he opposed U.S. authorities' accusations of "de-banking" due to corporate involvement in cryptocurrency. Subsequently, in March, he sent a letter to financial institutions clarifying that banks could treat digital assets as "permissible activities."
Hill stated in March, "I expect this will be one of several actions taken by the FDIC aimed at developing new ways for banks to engage in cryptocurrency and blockchain-related activities while adhering to safety and soundness standards."
The previously Senate-confirmed FDIC Chair Martin Gruenberg resigned in January as part of former President Biden's transition out of government.
Although Trump has announced several nominations that could impact U.S. cryptocurrency policy, including Hill, he has yet to select a successor for potential Commodity Futures Trading Commission (CFTC) Chair Brian Quintenz and has not nominated other commissioners to fill vacancies in the agency's five-member leadership team. Additionally, a Democratic seat on the U.S. Securities and Exchange Commission (SEC) has been vacant since January.
Due to Congress's failure to pass a funding bill this week, the U.S. government is currently in a shutdown, making it unclear when the Senate Banking Committee will schedule a hearing to consider Hill's nomination. As of the time of publication, no agreement has been reached between Democratic and Republican lawmakers to end the government shutdown, which is expected to last at least until next week.
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Original: “Trump Nominates Current FDIC Acting Chair to Officially Lead the Agency”
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