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SEC Appoints New Crypto Regulation Advisor

 


Corey Frayer, who has already supported the parliamentary finance committee in a similar capacity, is now advising the US stock exchange regulator on crypto regulation.


Gary Gensler, the head of the American Securities and Exchange Commission, has filled a new position in his agency that is specifically responsible for the development of crypto regulatory provisions and the related exchange with other authorities.


As emerged from a corresponding communication on Thursday, Corey Frayer is to take on this advisory role in Gensler's team in the supervision of cryptocurrencies. Frayer previously served in similar roles on the parliamentary banking committee and the parliamentary finance committee of both Congress and Senate, working with MPs Maxine Waters and Brad Miller.


In addition to Frayer's appointment to the SEC, Philipp Havenstein, Jennifer Songer and Jorge Tenreiro have also been promoted to various senior positions at the agency. As Gensler explains, the new managers bring “valuable advisory skills to the implementation of our regulatory projects”.


The Securities and Exchange Commission, together with the CFTC and the Financial Crime Authority (FinCEN) in the USA, is responsible for regulating cryptocurrencies. Each authority has its own area of ​​responsibility, which leads to a very fragmented and unclear crypto regulation. Gensler was confirmed as SEC chief last April , which means that there will be continuity, at least in terms of stock exchange regulators, through 2026.


The appointment of Frayer could presumably change Gensler's stance on cryptocurrencies. The SEC boss is already a proven expert in crypto and blockchain matters, but has so far been skeptical about permission for a first “direct” Bitcoin index fund (ETF). Rather , he repeatedly urges crypto companies to voluntarily register with the SEC and seek active dialogue.


However, the leadership of the SEC will change noticeably in the new year, at least in other areas , with Commissioner Elad Roisman leaving the agency at the end of January and Commissioner Allison Lee then taking off her hat in June. US President Joe Biden will then have the opportunity to promote two new financial professionals to these important offices. It remains to be seen whether the SEC will actually get one or two new crypto experts into the top tier.

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