Trump’s CFTC Nominee Has History on XRP’s Side, Here’s Why

President Donald Trump’s alternative of Mike Selig to steer the U.S. Commodity Futures Buying and selling Fee (CFTC) has drawn reward from the monetary trade and crypto neighborhood, particularly amongst supporters of Ripple and XRP.

Selig, an lawyer and former CFTC official, is understood for his detailed evaluation of digital asset regulation. In a publish on X he stated sure “honored to be nominated by President Trump to function the sixteenth Chairman of the CFTC” and promised to advertise competitors, innovation and what he referred to as “a Nice Golden Age for American monetary markets.”

David Sacks referred to as Selig “a wonderful alternative” and talked about his balanced expertise in conventional markets and digital finance. “He’s captivated with modernizing our regulatory method to keep up America’s competitiveness within the age of digital belongings,” Sacks wrote.

Selig beforehand served as Chief Counsel of the SEC’s Crypto Activity Pressure and labored on the CFTC underneath former Chairman Chris Giancarlo, who was one of many first regulators to acknowledge the potential of blockchain expertise within the monetary markets.

A well known title for XRP supporters

Whereas the nomination was broadly hailed as a win for regulatory readability, XRP supporters had been fast to note Selig’s feedback on the SEC vs. Ripple case on. He was one of many few authorized specialists who analyzed the lawsuit in depth and mentioned its long-term influence on crypto regulation.

In July 2023, after Choose Analisa Torres issued her resolution, Selig wrote that it was a “large win for the Ripple crew in opposition to the SEC.” He defined that the ruling made an necessary distinction. The funding contract could also be a safety, however the crypto asset itself is just not.

Later Selig clarified: “Choose Torres dominated that XRP itself is just not a safety, however may be offered as a part of a safety. XRP itself is solely pc code. A fungible commodity, like gold or whiskey.”

His perspective aligned with many within the XRP neighborhood who noticed the choice as a step towards a transparent and truthful classification of digital belongings.