The United States' top financial regulator has added a new staff member who will offer advice related to crypto policymaking and interagency work.
The newly-appointed Special Advisor on Digital Finance Policy, David Speigelman is expected "to help bridge traditional industries” with those in the digital space through his expertise with both areas of knowledge."
In an exciting development, the SEC has announced that Corey Frayer will be joining Gensler’s executive staff to work on cryptocurrency-related projects. He previously served as a professional staff member of both the Senate Banking Committee and House Financial Services Committtee with Representative Maxine Waters, Brad Miller among others!
The appointment of frayer's staff to the SEC chair’s executive team is an indication that he will not be soft on enforcement.
The new appointments come with valuable experience, and all seem eager for a seat at this table where policies are created that impact millions or billions--their voices can't wait!
The United States is currently in an indecisive and unpredictable state when it comes to digital asset regulation. The SEC, CFTC or FINCEN all have jurisdictional claims on how these new currencies should operate but with no centralised body overseeing them they are left navigating a patchwork approach that can be extremely challenging for crypto firms wanting legal status abroad as well domestically - fortunately however there's someone coming who might just provide some relief!
The Securities Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) & Financial Crimes Enforcement Network(FinCEN)--all agencies within our government responsible for regulating crypto.
It's unclear what the future holds for Frayer, but it seems possible that his appointment could compromise Gensler’s public stance on crypto-related policy changes. The chair of SEC has been arguably one if not thee most informed person when discussing cryptocurrency and blockchain technology which he previously held before being appointed as such - expressing concerns about exchange traded funds (ETFs) involving cryptocurrencies like Bitcoin(BTC).
He continues to urge projects involved in this space come clean with regulators by registering them properly now rather than waiting until there is another crisis at hand.
President Joe Biden will have a chance to shape its direction following Elad Roisman's departure and Allison Lee’s term ending next summer, but there are some big names leaving their mark on crypto before then-the most recent being Jay Clayton who left earlier this year after managing director and counselor for bankers at Goldman Sachs Group Incorporated since 2017.