The SEC Appoints New Senior Advisor for Cryptocurrency Oversight

The Securities and Exchange Commission has hired Corey Frayer to advise Chairman Gary Gensler on regulations of cryptocurrencies. Frayer’s previous experience includes operating as a professional staff member of the Senate Banking Committee and policy adviser for the House Financial Services Committee.

• The US watchdog has a complicated history with the cryptocurrency space. The appointment of Gary Gensler as Chairman earlier this year was considered by many as a positive step for the industry since he was “intrigued” by crypto and taught blockchain classes at MIT.
• Under his command, the Commission finally greenlighted two Bitcoin ETFs earlier this year, even though they are backed by futures contracts, not spot BTC. Gensler believes futures-backed Bitcoin ETFs could provide more protection for investors.
• Yet, the SEC continues to dabble with implementing specific rules on the digital asset space, despite recent meetings between regulators and crypto executives.
• In the latest attempt to enhance its cryptocurrency observation, the Commission has hired Corey Frayer to advise Chairman Gensler on “SEC policy-making and interagency work relating to the oversight of crypto assets.”
• The announcement explained that Frayer has experience with several senior roles in the country’s political landscape.
• Apart from the aforementioned positions that he occupied, Frayer has also spent a decade as a senior advisor “working on issues ranging from consumer and investor protection.”