The SEC Appoints New Senior Advisor for Cryptocurrency Oversight

Original author: Jordan Lyanchev

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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.”