{"id":878952,"date":"2025-12-19T23:16:46","date_gmt":"2025-12-20T05:16:46","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/19\/new-cftc-chairman-michael-selig-had-previously-called-xrp-a-code-like-gold-or-whiskey\/"},"modified":"2025-12-19T23:16:46","modified_gmt":"2025-12-20T05:16:46","slug":"new-cftc-chairman-michael-selig-had-previously-called-xrp-a-code-like-gold-or-whiskey","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/19\/new-cftc-chairman-michael-selig-had-previously-called-xrp-a-code-like-gold-or-whiskey\/","title":{"rendered":"New CFTC Chairman Michael Selig Had Previously Called XRP \u2018A Code Like Gold or Whiskey\u2019"},"content":{"rendered":"
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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\u2019s most influential financial regulators. Selig was confirmed in a 53\u201343 vote, and his past comments on XRP are now drawing attention across the crypto world.<\/p>\n

Selig\u2019s 2023 Statement on XRP<\/strong><\/p>\n

In 2023, after Judge Analisa Torres\u2019 landmark ruling in the Ripple case, Selig publicly stated that XRP is \u201cjust code, like gold or whiskey.\u201d 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\u2019s defense and the court\u2019s interpretation, making Selig one of the important figures to publicly support XRP\u2019s classification as a commodity.<\/p>\n

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Continue to hear commentators saying Judge Torres held that XRP is a security when sold to institutions and not a security when sold to retail. This is incorrect. Judge Torres held that XRP itself is not a security, but it can be sold as part of a security. \/1<\/p>\n

\u2014 Mike Selig (@MichaelSelig) July 30, 2023<\/a><\/p><\/blockquote><\/div>\n<\/figure>\n

He further clarified that determining whether a crypto transaction implicates securities laws depends on the structure of specific deals, not the asset itself. \u201cA commodity can be sold as part of an investment scheme, but that does not make the commodity itself a security,\u201d Selig noted.<\/p>\n

Why Selig Leading the CFTC Matters<\/strong><\/p>\n

Selig\u2019s leadership could mean:<\/p>\n