SEC Chairman Has New Senior Crypto Advisor

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has added a new staff member who will offer advice related to crypto ...



U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has added a new staff member who will offer advice related to crypto policy development and interagency work.

In an announcement Thursday, the SEC noted Corey Frayer would join Gensler’s senior staff as a senior advisor on oversight by the cryptocurrency agency. Frayer has worked as a professional member of the Senate Banking Committee as well as Senior Policy Advisor for the House Financial Services Committee with Representatives Maxine Waters and Brad Miller.

Frayer’s appointment to the executive staff of the President of the SEC was accompanied by those of Philipp Havenstein, Jennifer Songer and Jorge Tenreiro, who will work respectively as operational advisor, investment management advisor and enforcement advisor. the law. Gensler cited “valuable advice from new staff on agency policies, enforcement and operations” when naming them to the team.

The SEC, the Commodity Futures Trading Commission, and the Financial Crimes Enforcement Network handle the regulation of digital assets in the United States, but each with different jurisdictional claims, resulting in a patchwork approach that crypto firms must navigate to operate legally. Having been confirmed by the US Senate in April, Gensler will likely continue to chair the SEC until 2026.

Frayer’s appointment to his team could potentially affect Gensler’s public stance on crypto-related policy changes. The SEC chairman is arguably one of the most knowledgeable people about crypto and blockchain technology to ever hold office, but has expressed concerns about exchange-traded funds with exposure to cryptocurrencies like Bitcoin (BTC). He has a long time urged crypto projects to register with the SEC, saying specifically that they should “come in” and work with regulators.

Related: “I am a strong believer in crypto technology,” says former US SEC chairman

The leadership of the SEC will likely change in 2022 following the departure of Commissioner Elad Roisman in January and the expiration of Commissioner Allison Lee’s term, which is expected to be in June. This leaves President Joe Biden free to choose financial experts who could have significant influence on crypto-related policy.