New CFTC Chair Is XRP Supporter

Regulator Mike Selig has been nominated to serve as the next chairman of the U.S. Commodity Futures Trading Commission. 

In his social media post, Selig stated that he would help to make the US "the crypto capital of the world," echoing the pro-cryptocurrency talking points of some other US government officials. 

"Chairman Selig is going to do a great job at the CFTC. I have full confidence in his ability and leadership," he said. 

Pro-XRP stance 

Notably, Selig is a vocal supporter of XRP. He repeatedly showed support for the popular altcoin while Ripple was in the middle of a momentous legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) 

"XRP itself is simply computer code. A fungible commodity, like gold or whiskey - both of which can also be sold as part of investment schemes that implicate securities laws," Selig said back in 2023. 

Last year, he also slammed the SEC for asking Ripple to pay $2 billion.

"SEC can’t argue a $2b penalty against Ripple with a straight face any better than it can the security status of XRP," he said. 

Industry support 

Selig has already received overwhelming support from the industry. 

"Chairman Selig is going to do a great job at the CFTC. I have full confidence in his ability and leadership," Selig said. 

"Great to see Mike Selig nominated to chair the CFTC. The timing couldn’t be more important—market structure legislation needs to cross the finish line to deliver clear, workable rules for builders and consumers," venture capitalist Chris Dixon said.