The chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, has added a new staff member who will offer advice related to crypto policy making and interagency work.
In an announcement Thursday, the SEC saying Corey Frayer would join Gensler's executive staff as a senior advisor on the agency's oversight of cryptocurrencies. Frayer has served as a member of the professional staff of the Senate Banking Committee and as a senior policy advisor to the House Financial Services Committee with Representatives Maxine Waters and Brad Miller.
Frayer's appointment as a member of the executive staff of the SEC chairman came alongside those of Philipp Havenstein, Jennifer Songer and Jorge Tenreiro, who will serve as operations advisers, investment management advisers and execution advisers, respectively. Gensler cited "valuable advice on agency policy, compliance and operations" from the new staff members when appointing them to the team.
The SEC, the Commodity Futures Trading Commission, and the Financial Crimes Enforcement Network handle digital asset regulation in the United States, but each with different jurisdictional claims, resulting in a mosaic approach that companies encryption must navigate to operate legally. Having been confirmed by the United States Senate In April, Gensler will likely continue to serve as the SEC chair until 2026.
Appointing Frayer to your staff could potentially affect Gensler's public position on cryptocurrency-related policy changes. The SEC chair is arguably one of the most knowledgeable people about crypto and blockchain technology to ever hold his post, but he has raised concerns about exchange-traded funds with exposure to cryptocurrencies such as Bitcoin (BTC). You have much time urged crypto projects to sign up with the SEC, specifically saying they should "get in" and work with regulators.
Related: 'I'm a big believer in encryption technology,' says the former president of the US SEC.
The leadership of the SEC will likely change in 2022 following the Departure of Commissioner Elad Roisman in January, and Commissioner Allison Lee's term expired in June. This leaves President Joe Biden with the opportunity to select financial experts who could have significant influence on cryptocurrency-related policies.
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