CFTC’s new chairman is an XRP supporter

Regulator Mike Selig has been named the next chairman of the U.S. Commodity Futures Trading Commission.

In a social media post, Selig said he would help make the United States the “crypto capital of the world,” echoing the claims of other U.S. government officials who are pro-cryptocurrency advocates.

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

XRP support position

Notably, Selig is a vocal supporter of XRP. He reiterated his support for the popular altcoin during a major legal battle between Ripple and the US Securities and Exchange Commission (SEC).

“XRP itself is just computer code. It’s a fungible commodity, like gold or whiskey, both of which can also be sold as part of an investment scheme involving securities laws,” Selig said. said Fast forward to 2023.

He also criticized the SEC, which last year required Ripple to pay $2 billion.

“The SEC cannot discuss the $2 billion penalty against Ripple any more seriously than it can about the security situation of XRP,” he said.

industry support

Selig has already received overwhelming support from the industry.

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

“It’s great to see Mike Selig nominated as CFTC Chairman,” said venture capitalist Chris Dixon. “The timing couldn’t be more important. We need the market structure bill to cross the finish line to provide clear and enforceable rules for builders and consumers.”