Trump nominates Travis Hill as FDIC chair with pro crypto agenda

US President Donald Trump has submitted the nomination of Travis Hill, the acting chair of the Federal Deposit Insurance Corporation (FDIC), to the Senate.

Hill’s nomination has been received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs, according to a congressional website. If approved, the government’s role will be in effect for a five-year term.

The nomination of Hill, who has been advocating for crypto-friendly banking policies, comes as the US Securities and Exchange Commission (SEC) unveiled its rulemaking agenda for the upcoming month. These regulations could lead to broad proposals to revamp cryptocurrency regulations and reduce rules that Wall Street has decried as overly burdensome.

The regulator formally outlined several of its initiatives to overhaul cryptocurrency policies, which SEC Chair Paul Atkins had previewed in July. Those include proposing rules regarding the offer and sale of digital assets, which the SEC said could include certain exemptions and safe harbors, as well as clarifying how its broker-dealer rules apply to cryptocurrency.

Hill pushes FDIC toward pro-crypto rules as SEC eyes digital asset reforms

According to congressional records, Trump’s nomination of Travis as FDIC chair was sent to the Senate Banking Committee on Tuesday. Initially, he served as a senior adviser to then-FDIC Chairman Jelena McWilliams during Trump’s first term.

Before taking up his role at the FDIC, Hill stated that the department should offer additional guidance on digital assets and tokenization.

He also pushed back on allegations of US authorities debanking companies due to their ties to crypto. In March, he wrote a letter aimed at financial institutions, clarifying that banks could engage with digital assets as a ”permissible activity.” 

“I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards,” Hill said.

Meanwhile, the SEC has indicated that it is considering amending its rules to permit the trading of cryptocurrencies on national securities exchanges and alternative trading systems. 

If enacted, those policies would represent a major win for the digital asset industry, which has long pushed for tailored rules that would enable crypto to become more enmeshed with traditional finance.

“This regulatory agenda reflects that it is a new day at the Securities and Exchange Commission,” Atkins said in a statement. “The items on the agenda represent the commission’s renewed focus on supporting innovation, capital formation, market efficiency, and investor protection.”

Trump moves to reboot US crypto policy with key regulatory nominations

Hill succeeds Martin Gruenberg, the previous Senate-confirmed FDIC chair, who resigned in January as part of the outgoing Biden administration.

While Trump has announced several nominations that could shape US crypto policy, including Hill, key positions at major financial regulators remain vacant. This includes a potential replacement for Commodity Futures Trading Commission (CFTC) Chair Brian Quintenz and a Democratic commissioner’s seat at the SEC, which has been vacant since January.

On the campaign trail last year, President Donald Trump courted the crypto community by pledging to be a “crypto president” and promote the adoption of digital assets. This stance contrasts sharply with the approach of former Democratic President Joe Biden’s regulators, who cracked down on the industry to curb fraud and money laundering. Under the Biden administration, the SEC filed lawsuits against exchanges, including Coinbase and Binance, along with dozens of others, alleging violations of US laws—cases that the Trump administration’s SEC has since dropped.

The SEC also plans to propose a “rationalization” of disclosure requirements, a core part of the agency’s work aimed at increasing transparency and reducing risk for investors. Additionally, the agency has flagged plans to ease compliance burdens for public companies, particularly regarding shareholder proposals.

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