Regulator Mike Selig has been nominated to serve as the next chairman of the U.S. Commodity Futures Trading Commission (CFTC). In a social media post, Selig articulated his vision to help establish the U.S. as "the crypto capital of the world," aligning with the pro-cryptocurrency sentiments expressed by some other U.S. government officials.

Notably, Selig is a prominent supporter of XRP. He consistently demonstrated his backing for the popular altcoin during Ripple's significant legal battle with the U.S. Securities and Exchange Commission (SEC). Back in 2023, Selig characterized XRP as "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." Last year, he publicly criticized the SEC for initially demanding a $2 billion penalty from Ripple, stating, "SEC can’t argue a $2b penalty against Ripple with a straight face any better than it can the security status of XRP." The SEC ultimately settled for a considerably smaller fine.

Selig's nomination has garnered substantial support from across the cryptocurrency industry. Charles Hoskinson, founder of Cardano and CEO of IOG, expressed his "full confidence" in the nominee, stating, "Chairman Selig is going to do a great job at the CFTC. I have full confidence in his ability and leadership." Venture capitalist Chris Dixon also commented on the nomination, highlighting its timely importance: "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."