Biden Picks Michael Selig as CFTC Chair to Oversee Crypto
President Biden has nominated Michael Selig as the permanent CFTC chair. A vocal supporter of treating digital assets like XRP as commodities, Selig vows to make the US the “crypto capital of the world” and has criticized the SEC’s proposed $2 billion penalty against Ripple. With experience at both the CFTC and the SEC’s Crypto Task Force, he advocates clear regulatory frameworks for tokens. His appointment comes amid stalled crypto legislation and a booming derivatives market that topped $1 trillion in 2024. Industry leaders praise his ability to bridge jurisdictional gaps between the SEC and CFTC. If confirmed, Selig’s role as CFTC chair could accelerate policy clarity, boost market stability, and reshape altcoin classification—key developments traders should watch for potential market impacts.
Bullish
Selig’s nomination signals a pro-crypto stance likely to reduce regulatory uncertainty, particularly for XRP. In the short term, traders may see a positive price response as expectations grow for favorable commodity treatment and clear guidelines. Over the longer term, Selig’s push for comprehensive oversight and coordination between the SEC and CFTC could stabilize markets, encourage derivatives growth, and foster clearer compliance paths—supporting sustained upward momentum for XRP and other digital assets.