New CFTC Chief Declares XRP a “Digital Spirit” – Investors Beware! 🎩

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Lo and behold, the U.S. Senate, in its infinite wisdom, has crowned Michael Selig as the new tsar of the Commodity Futures Trading Commission (CFTC), a realm where financial phantoms dance and crypto dreams are made-or devoured. The vote, a nail-biting 53-43, left both sides clutching their pearls (or perhaps their portfolios), and now the internet buzzes like a hive of caffeinated bees over Selig’s 2023 proclamation: XRP, that elusive digital sparrow, is “just code, like gold or whiskey.” 🥂

Selig’s 2023 Ode to XRP: A Ballad of Code and Spirits

Picture this: the year 2023, the dust of Judge Torres’ Ripple verdict still swirling like a caffeinated dervish. Amidst the chaos, Selig, ever the bard of blockchain, declared XRP “a code, like gold or whiskey.” One might wonder if he meant to say “gold or a goldfish,” but no-his point was clear: XRP, that slippery eel of a token, is not a security, though it might masquerade as one at parties. A sentiment as comforting as a warm potato, yet oddly poetic. 🥔

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

– Mike Selig (@MichaelSelig) July 30, 2023 💬

He then waxed philosophical, comparing crypto transactions to a game of musical chairs: the asset itself isn’t the culprit, but the “structure of deals” is. “A commodity can be sold as part of an investment scheme,” he mused, “but that doesn’t make it a security-any more than dressing a pig in a tutu makes it a ballerina.” 🐖

Why Selig’s CFTC Reign Might Be a Circus (And Why We’re All Buying Tickets)

Under Selig’s baton, the CFTC could bring us:

  • A dawn of clarity, or merely a foggy mirage? 🌫️
  • Rules for digital assets as clear as a monk’s conscience-assuming monks traded Bitcoin. 🧘
  • A shift from “enforcement” to “guidance,” which in regulatory speak means “we’ll yell at you later.” ⏳

Meanwhile, former CFTC chair Caroline Pham, that intrepid crypto cheerleader, has joined MoonPay. One wonders if she’ll moonlight in the digital frontier-or just moonwalk. 🌕

What This Means for XRP (And Why You Should Probably Care)

Selig’s ascent won’t rewrite the rulebook overnight, but it’s a wink and a nod to the crypto crowd: “Regulations, schmulations! Let’s see if XRP can waltz into the commodity spotlight-or trip over its own code.” The market watches with bated breath, as if waiting for a Russian novel to end. Spoiler: it doesn’t. 📚

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2025-12-19 17:39