Senate Confirms Selig as Chief of CFTC and Hill to Run the FDIC

The US Senate on Thursday night confirmed Michael Selig as chairman of the Commodity Futures Trading Commission and Travis Hill as chairman of the Federal Deposit Insurance Corp., installing permanent chiefs of two agencies that play critical roles overseeing financial markets and banks.

The CFTC traditionally regulates the swaps and derivatives markets but is on the precipice of change as lawmakers consider legislation that would grant the agency greater authority over digital assets.

Michael Selig during a Senate confirmation hearing

Photographer: Eric Lee/Bloomberg

The agency has taken several steps this year to embrace the industry, including clearing the way for spot crypto trades on futures exchanges and offering ...