NEW SEC PRESIDENT WAS APPOINTED AS THE SENIOR CRYPTO ADVISOR TO TAKE THE BUSINESS FORWARD.
Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), has added a new employee to advise on cryptocurrency development and cross-agency work.
In a statement Thursday, the SEC announced that Corey Freyer will join Gensler's senior staff as the agency's chief advisor to cryptocurrency oversight. Freyer served as an expert on the Senate Banking Committee and as senior policy adviser to the House of Representatives Financial Services Committee with Representatives Maxine Waters and Brad Miller.
Freyer's appointment as SEC chair coincided with the appointments of Philip Hevenstein, Jennifer Songer and Jorge Tereniro as operational adviser, investment management adviser, and law enforcement officer, respectively. Gensler cited "valuable advice from new recruits regarding government policy, law enforcement, and operations" when they were appointed to the team.
The SEC, the Commodity Futures Trading Commission, and the Financial Crimes Network are involved in regulating digital assets in the United States, but each has different legal claims, resulting in the approach crypto companies must use to operate legally. Following U.S. Senate confirmation in April, Gensler is expected to serve as SEC chairman until 2026.
Frayer's appointment to his staff could potentially impact Gensler's public position on crypto policy changes. The SEC chairman may be one of the most knowledgeable people on crypto and blockchain technology to have held his position but has raised concerns about exchange-traded funds being exposed to cryptocurrencies such as Bitcoin (BTC). He has long called for crypto projects to be registered with the SEC, specifically requiring them to “sign in” and work with regulators.
The SEC's leadership is expected to change in 2022 following the resignation of Commissioner Elad Roisman in January and Commissioner Alison Lee's term due to end in June. This gives President Joe Biden the ability to choose financial experts who can have a significant impact on cryptocurrency policy.