- Pro-XRP stance
- Industry support
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 U.S. “the crypto capital of the world,” echoing the pro-cryptocurrency talking points of some other U.S. government officials.
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 with 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.
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Last year, he also slammed the SEC for asking Ripple to pay $2 billion worth of penalties (the regulator ended up settling for a much smaller fine).
“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 cryptocurrency industry. Cardano founder and IOG CEO Charles Hoskinson has stated that he has “full confidence” in the nominee.
“Chairman Selig is going to do a great job at the CFTC. I have full confidence in his ability and leadership,” Hoskinson said in a social media post.
“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 commented.