Cardano founder reacts to appointment of new CFTC chairman, is he bullish on cryptocurrencies?

Michael Selig has been elected as the 16th Chairman of the Commodity Futures Trading Commission (CFTC), a move that has sparked a reaction from the crypto community.

Mr. Selig has served as chief advisor to the CFTC’s Virtual Currency Task Force and has worked with Securities and Exchange Commission Chairman Paul Atkins. Selig and David Sachs, the White House artificial intelligence and cryptocurrency czar, acknowledged the selection in separate posts about X.

In his post, Selig said he will work tirelessly to promote the healthy functioning of commodity markets, promote freedom, competition, and innovation, and make the United States the crypto capital of the world.

In a recent tweet, Cardano founder Charles Hoskinson responded to the recent nomination of Selig, a known crypto supporter, as CFTC chairman.

“Chairman Selig will do an excellent job at the CFTC and I have full confidence in his abilities and leadership,” Hoskinson wrote.

Are you bullish on virtual currencies?

Mr. Selig’s election as CFTC chairman comes as the digital asset industry, previously facing regulatory pressure, takes center stage with legislation to increase regulatory clarity under the new administration.

The GENIUS Act, passed earlier this year, and the CLARITY Act, which aims to establish a regulatory framework for digital assets, have been well received by investors in the sector.

Under the leadership of SEC Chairman Paul Atkins, the SEC has moved from enforcement to engagement and deregulation. The SEC has held a series of roundtable discussions led by SEC Chairman Heister Peirce and Chairman Paul Atkins.

The SEC also repealed key rules that once kept Wall Street on the sidelines, including the SEC’s dismissal of several high-profile cases involving Ripple, Binance, and Coinbase.