The U.S. Senate Banking Committee advances the confirmation process for FDIC Acting Chairman Travis Hill.

PANews, November 20 — According to CoinDesk, the U.S. Senate Banking Committee advanced the confirmation process for Federal Deposit Insurance Corporation (FDIC) Acting Chairman Travis Hill on Wednesday, paving the way for a final vote in the full Senate. If approved, Hill is expected to become the permanent head of this banking regulatory agency, which continues to play a significant role in cryptocurrency regulation.

In an executive session of the committee, senators voted along party lines, 13 in favor and 11 against, to report Hill's nomination to the Senate "favorably." On Wednesday, Senate Banking Committee Chairman Tim Scott stated that Hill, a former staff member of the committee, is "fully qualified for this important position." However, senior Democratic committee member Senator Elizabeth Warren criticized Hill for failing to provide information on the agency's internal efforts to address scandals related to workplace behavior and culture under previous leadership.