President Donald Trump has formally nominated Travis Hill, the acting chair of the Federal Deposit Insurance Corporation (FDIC), for a five-year term as the permanent chair. Hill’s nomination was sent to the Senate Banking Committee for consideration.
Hill showed support for clearer guidelines for digital assets. He's opposed claims that US regulators are debanking corporations due to crypto affiliations. In March, he wrote a letter clarifying that banks may engage in digital asset activities as a "permissible activity." Hill predicts that the FDIC will take steps to develop updated procedures for banks' crypto and blockchain dealings that are consistent with safety and soundness standards.
Travis Hill became acting FDIC chief in January. He took the position after Martin Gruenberg resigned from the previous Biden administration. Amid the current government shutdown, delaying Senate hearings, the administration has yet to fill other critical regulatory seats. Pending regulatory seats include those at the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Industry observers expect Hill’s confirmation to impact US crypto banking policy as the FDIC clarifies its approach under the new leadership.
