The U.S. Senate has confirmed Jonathan McKernan as Under Secretary for Domestic Finance with a 51–47 vote on October 8, 2025. McKernan's role will be pivotal in shaping banking policy and discussions on a U.S. central bank digital currency (CBDC). He will work closely with Treasury Secretary Scott Bessent and coordinate with the Federal Reserve and FDIC on digital asset and banking oversight. The confirmation comes amid an ongoing government shutdown, now in its eighth day, which has stalled regulatory actions, including SEC approvals for exchange-traded funds and bipartisan market-structure legislation. These delays are anticipated to persist until the government is fully funded again.