The U.S. Senate has confirmed Michael Selig as the new chairman of the Commodity Futures Trading Commission (CFTC), putting a pro-crypto legal expert in charge of one of America’s most influential financial regulators. Selig was confirmed in a 53–43 vote, and his past comments on XRP are now drawing attention across the crypto world.
Selig’s 2023 Statement on XRP
In 2023, after Judge Analisa Torres’ landmark ruling in the Ripple case, Selig publicly stated that XRP is “just code, like gold or whiskey.” He explained that while XRP can be sold in ways that involve securities laws, the token itself is not a security. This remark aligned closely with Ripple’s defense and the court’s interpretation, making Selig one of the important figures to publicly support XRP’s classification as a commodity.
He further clarified that determining whether a crypto transaction implicates securities laws depends on the structure of specific deals, not the asset itself. “A commodity can be sold as part of an investment scheme, but that does not make the commodity itself a security,” Selig noted.
Why Selig Leading the CFTC Matters
Selig’s leadership could mean:
- Less regulatory uncertainty for crypto in the U.S.
- Clearer commodity-based rules for digital assets
- A shift from aggressive enforcement toward guidance and oversight
His appointment comes amid a broader pro-crypto trend in Washington. Former acting CFTC chair Caroline Pham, also a crypto advocate, recently joined MoonPay to lead its legal and policy strategy, further signaling a more constructive regulatory environment.
What This Means for XRP and the Market
While one appointment won’t instantly rewrite the rules, Selig’s confirmation sends a strong message. As Selig assumes leadership, the crypto community will monitor how U.S. regulation evolves—and whether other digital assets might see similar clarity under the CFTC.
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