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According to CoinDesk, on Thursday, the U.S. Senate began the confirmation process for a large number of nominees put forward by President Trump, including two officials who will hold important regulatory positions in the cryptocurrency sector.The Senate approved Mike Selig to head the Commodity Futures Trading Commission (CFTC) and the appointment of Travis Hill to lead the Federal Deposit Insurance Corporation (FDIC). Selig will play a key role in cryptocurrency regulation, succeeding acting chair Caroline Pham, who has been pushing an aggressive cryptocurrency policy agenda in the absence of a permanent chair.

According to The Block, the Federal Deposit Insurance Corporation (FDIC) is moving forward with implementing parts of the stablecoin legislation that became law this summer.On Tuesday, the FDIC board approved a proposed rulemaking notice that sets an application process for institutions to issue payment stablecoins through subsidiaries. The agency is soliciting public comments on this proposed rule. During the board meeting, FDIC legal counsel Nicholas Simons stated that the application must clearly outline the scope of the proposed activities, provide a description of the "subsidiary ownership and control structure," and include "a letter of engagement with a registered public accounting firm." Simons said, "In summary, the proposed rule will enable the FDIC to assess the safety and soundness of the proposed payment stablecoin activities while minimizing the regulatory burden on applicants."This summer, President Trump signed the GENIUS Act, which created a federal regulatory framework for stablecoins. Earlier this month, FDIC Acting Chair Travis Hill informed lawmakers that the agency plans to release the implementation framework for the GENIUS Act in the coming weeks. On Tuesday, he also stated that the agency plans to issue a proposed rule in the coming months to establish capital, liquidity, and risk management requirements for approved subsidiary stablecoin issuers.

The Federal Deposit Insurance Corporation (FDIC) has approved a proposed rule to establish an application process for banks to issue stablecoins through subsidiaries, initiating a 60-day public comment period. This is the first formal rulemaking proposal following the passage of the "GENIUS Act" - the American Stablecoin Innovation Act.

According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) and the Federal Deposit Insurance Corporation (FDIC) will both impose significant regulations on the U.S. cryptocurrency industry.The nominees for the chairs of these two agencies, nominated by Trump, are currently undergoing the Senate confirmation process, which is nearing its end—however, the Senate may still take several days to hold the final vote. On Thursday, the Senate passed a resolution with a vote of 52 in favor and 47 against, bringing Mike Selig one step closer to taking over the CFTC, while a decision on whether Travis Hill will become the FDIC chair is also expected soon.A spokesperson for Senate Majority Whip John Barrasso posted on the X platform that the final vote may take place "early next week." Senate Republicans are inclined to adopt an unusual approach of confirming dozens of Trump's nominees at once. In this vote, there are a total of 97 confirmation matters awaiting a vote, with Selig and Hill being just two of them.

According to CoinDesk, the U.S. Senate is advancing confirmation votes for two key financial regulatory officials nominated by President Trump, with Mike Selig set to become the chairman of the CFTC and Travis Hill officially taking on the role of FDIC chairman.Both are seen as crypto-friendly and will play an important role in the regulation of the U.S. crypto market. Once in office, Selig will become the sole commissioner of the CFTC and lead the enforcement of crypto regulatory legislation; Hill has emphasized lifting the previous government's restrictions on banks engaging in crypto activities and addressing the issue of "de-banking."

The acting chairman of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, stated in testimony submitted to the House Financial Services Committee that the FDIC expects to launch its first set of regulatory proposals for stablecoin issuers to implement the "Generating Environments Needed for Innovation in US Stablecoins Act" (GENIUS Act). The initial rules will clarify the process for stablecoin issuers to apply for federal regulation, followed by the release of prudential requirements for FDIC-regulated payment stablecoin issuers early next year, including capital standards, liquidity requirements, and reserve asset quality supervision.The FDIC, along with the Treasury Department and other agencies, is advancing relevant regulatory responsibilities under the GENIUS Act. The rules will undergo a public comment phase and will only take effect after review. Hill also mentioned that the FDIC is developing further guidance on the regulatory status of "tokenized deposits" based on recommendations from the President's Working Group on Digital Assets. It is reported that this hearing will also hear testimonies from other financial regulatory agencies, including the Federal Reserve. Federal Reserve Vice Chair Michelle Bowman also stated that the Fed is developing a regulatory framework for stablecoin issuers regarding capital, liquidity, and risk diversification as required by the GENIUS Act.

ChainCatcher news, the on-chain tokenized fund product Fidelity Digital Interest Token (FDIT) launched by asset management giant Fidelity has currently exceeded $200 million, reaching $203,685,560.It is reported that this product is deployed on the Ethereum blockchain and is a tokenized share of Fidelity's digital fund (FYOXX), backed by U.S. Treasury bonds and allowing for 1:1 redemption of fund shares. Its potential competitor is BlackRock's BUIDL.

ChainCatcher news, according to Decrypt, Coinbase Chief Legal Officer Paul Grewal disclosed that a motion has been filed in federal court, accusing the Federal Deposit Insurance Corporation (FDIC) of systematically obstructing the disclosure of documents related to "Operation Chokepoint 2.0."Court documents show that after being ordered to comply four times, the FDIC still refused to fully submit the "cease and desist letters" requiring banks to suspend cryptocurrency-related transactions from 2020 to 2024.Internal policy documents confirm that the FDIC instructed employees to "withhold all documents" covered by the exemption under Section 8 of the Freedom of Information Act, without distinguishing between factual content and analytical materials. Coinbase accuses the agency of using an "extremely narrow interpretation," only searching for documents submitted to the Office of the Inspector General, resulting in the omission of numerous key records.During the January hearing, the FDIC admitted it had not established a record-keeping system for FOIA litigation. This legal battle has forced the FDIC to disclose hundreds of pages of documents, showing that banks "generally faced resistance" when engaging in cryptocurrency business. As the Trump administration pushed for crypto-friendly policies, Coinbase stated that investigating these "historical misconducts" is to ensure they do not happen again.

ChainCatcher news, according to Ledger Insights, several Republican members of the U.S. House Financial Services Committee have written to the Federal Reserve, FDIC, and OCC, urging the withdrawal of the FDIC's FIL-16-2022, the Federal Reserve's SR 22-6, and SR 23-8 regulatory letters, stating that they have increased the regulatory burden on banks using blockchain technology, hindered innovation, and restricted financial institutions' participation in the stablecoin ecosystem.The lawmakers believe that the current regulatory approach harms the competitiveness of the U.S. financial sector and that a more technology-neutral and open regulatory approach should be adopted.

ChainCatcher news, according to Crypto in America, the U.S. cryptocurrency exchange Coinbase is still pursuing a Freedom of Information Act (FOIA) lawsuit against the Federal Deposit Insurance Corporation (FDIC), despite the regulator's recent shift towards a more lenient stance on cryptocurrency.

ChainCatcher news, David Sacks, the White House's cryptocurrency and artificial intelligence director, stated regarding "the new guidelines released by the FDIC that clarify the process for banks to engage in cryptocurrency activities," that "the FDIC is making it easier for banks to participate in crypto-related activities, which is one of the best ways to further drive the mainstreaming of cryptocurrency."Previous news, the FDIC has revoked the requirement for banks to pre-approve cryptocurrency activities, allowing banks to engage in cryptocurrency and other legally permitted activities without prior approval from regulators, as long as they can appropriately manage risks.

ChainCatcher news, according to Decrypt, the Federal Deposit Insurance Corporation (FDIC) announced that banks can engage in cryptocurrency and other legally permitted activities without seeking prior approval from regulators, as long as they can manage risks appropriately.This policy change reverses a requirement from 2022: which mandated FDIC-regulated institutions to notify the agency before engaging in crypto-related activities. Under the new guidelines, banks can offer services involving digital assets without prior permission from the agency.

ChainCatcher News, American cryptocurrency and artificial intelligence czar David Sacks stated: "This is a huge victory for cryptocurrency. The Federal Deposit Insurance Corporation (FDIC) will follow the Office of the Comptroller of the Currency (OCC) in eliminating the practice of considering 'reputational risk' as a factor in bank regulation.'Reputational risk' may sound good in theory, but it is defined as 'the likelihood that negative publicity regarding an institution's business practices (true or not) will cause a decline in the customer base, costly litigation, or a reduction in revenue.' In practice, this vague and subjective standard has been used to justify the elimination of legitimate crypto businesses through Operation Chokepoint 2.0. Banking standards should be objective and quantifiable, not based on the possibility of untrue stories. Thanks to Senator Tim Scott for his leadership in this area through the FIRM Act."

ChainCatcher news, according to FOX Business reporter Eleanor Terrett, the Federal Deposit Insurance Corporation (FDIC) is removing "reputational risk" from its regulatory standards.The Federal Deposit Insurance Corporation is following the lead of the Office of the Comptroller of the Currency by eliminating this factor. Previously, this factor had been used to justify the withdrawal of banking services from legitimate businesses, including cryptocurrencies.

ChainCatcher news, according to The Wall Street Journal, Trump administration officials are discussing plans to consolidate banking regulatory agencies, potentially attempting to merge the Federal Deposit Insurance Corporation (FDIC) into the Treasury Department without congressional approval, and combine its regulatory functions with the Office of the Comptroller of the Currency (OCC).The plan aims to reduce the power of banking regulatory agencies and increase the government's direct control over the financial industry. Previously, the Trump administration had taken action against the Consumer Financial Protection Bureau (CFPB) in an attempt to limit its influence.

ChainCatcher news, according to crypto KOL MartyParty, the Federal Deposit Insurance Corporation (FDIC) announced today that it is actively reassessing its regulatory approach to cryptocurrency-related activities. This includes replacing Financial Institution Letter (FIL) 16-2022 and providing a pathway for institutions to engage in cryptocurrency and blockchain-related activities while adhering to safety and soundness principles.This information was emphasized in a statement by Acting Chairman Travis Hill, indicating a shift in the FDIC's regulation of banks involved in cryptocurrency activities. This means that banks can custody customers' cryptocurrencies, and they will be insured by the FDIC. The Biden administration's Choke Point FIL 16-2022 letter has been withdrawn and replaced.MartyParty noted that the original FIL-16-2022 letter link has been removed and shows a 404 error. The FDIC is removing all evidence related to its politically motivated opposition to cryptocurrency policies.

ChainCatcher news, Senate Banking Committee on Digital Assets Chair Cynthia Lummis posted on social media: "As we learn about the severity and injustice of Chokepoint 2.0, I will work closely with FDIC Vice Chairman Travis Hill to end this attack on digital assets."

ChainCatcher news, according to Cointelegraph, the executive order on digital assets signed by Trump excludes the Federal Reserve (FED) and the Federal Deposit Insurance Corporation (FDIC) from the cryptocurrency working group.Trump's new executive order may mean that the upcoming U.S. stablecoin legislation will not fall under the jurisdiction of the central bank.

ChainCatcher news, according to Cointelegraph, the Federal Deposit Insurance Corporation (FDIC) has been accused of omitting multiple cryptocurrency-related "suspension letters" sent to banks in a Coinbase-supported Freedom of Information Act (FOIA) lawsuit. A report submitted by History Associates to the federal court in Washington, D.C. on January 17 indicated that the FDIC "may have overlooked other suspension letters" and plans to update the lawsuit based on this. Public reports have claimed that the FDIC is "systematically obstructing FOIA requests," resulting in at least 150 related documents not being released. The 25 FDIC letters that have been made public suggest that financial institutions should suspend cryptocurrency operations until regulatory reviews are completed, which the cryptocurrency industry views as an action to cut off banking services to related businesses ("Operation Chokepoint 2.0").Coinbase Chief Legal Officer Paul Grewal stated on January 16 that the lawsuit seeks to obtain all suspension letters confirmed by the Office of the Inspector General, but accused the FDIC of limiting its search to the letters in the report, potentially overlooking others. Grewal added that when asked to correct and stop the wordplay, the FDIC claimed it would take at least a year.In a status report on January 17, the FDIC responded that it has provided all relevant documents and conducted a search of letters shared with the Office of the Inspector General from March 2022 to May 2023, in accordance with the FOIA request. The agency stated that History Associates has no reasonable basis to believe that letters beyond this scope and timeframe belong to the original FOIA request and added that these letter requests are being processed as separate FOIA requests for expedited review.

ChainCatcher news, cryptocurrency-supporting Senator Cynthia Lummis stated that if the Federal Deposit Insurance Corporation (FDIC) destroys materials related to digital assets, it will face criminal consequences.In a letter sent to FDIC Chairman Martin Gruenberg on Thursday, the Wyoming Republican senator indicated that whistleblowers at the FDIC had reported to her allegations of these documents being destroyed, and claimed that these whistleblowers are "being closely monitored by management" to prevent them from reporting to the Senate, suggesting that legal action would be taken.Lummis stated in a declaration: "The FDIC is suspected of destroying and concealing materials related to Operation Chokepoint 2.0 with the intent to obstruct the oversight functions of the U.S. Senate, which is not only unacceptable but also illegal. If it is found that someone within the FDIC intentionally destroyed materials or attempted to impede the Senate's oversight functions, a criminal referral will be swiftly made to the U.S. Department of Justice."