New CFTC Chair Is XRP Supporter
Analysis
Price Impact
HighThe nomination of a pro-xrp and pro-crypto individual like mike selig to chair the cftc is significant, potentially leading to a more favorable regulatory environment for xrp and the broader crypto market. his past criticisms of the sec's stance on xrp suggest a potential shift in how digital assets are viewed and regulated.
Trustworthiness
HighThe information comes from direct quotes and reported stances of a nominated high-ranking u.s. financial regulator, supported by industry figures.
Price Direction
BullishA cftc chair who publicly supports xrp and aims to make the us a 'crypto capital' reduces regulatory uncertainty, which is generally bullish for xrp. clearer regulations and a more accommodating stance from a major regulator could attract more institutional interest and investment.
Time Effect
LongWhile the news can trigger short-term positive sentiment, the actual impact of a new cftc chair on regulatory policy and market structure will unfold over months and years as new legislation is pursued and existing frameworks are applied.
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Cover image via www.freepik.com Read U.TODAY on Google News Pro-XRP stance Industry support Advertisement 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 US "the crypto capital of the world," echoing the pro-cryptocurrency talking points of some other US government officials. "Chairman Selig is going to do a great job at the CFTC. I have full confidence in his ability and leadership," he said. HOT Stories New CFTC Chair Is XRP Supporter Bitcoin Core Drops Four New Security Alerts, What’s at Risk? Ripple CTO Makes Unexpected Interaction With Litecoin on X, XRP Beef Squashed? Crypto Market Prediction: XRP to Face Its Most Intense Battle, Shiba Inu (SHIB) $0.00002 Closer, Can Ethereum (ETH) Reclaim $4,000? 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 between Ripple and the U.S. Securities and Exchange Commission (SEC) Advertisement "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. Last year, he also slammed the SEC for asking Ripple to pay $2 billion. "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 industry. "Chairman Selig is going to do a great job at the CFTC. I have full confidence in his ability and leadership," Selig said. "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 said. #XRP News #Crypto Regulation #CFTC