The U.S. Securities and Exchange Commission has a new senior advisor on cryptocurrencies. In the press statement that went out on Thursday, SEC states that former senior Senate aide Corey Frayer will be the agency’s advisor on policymaking and interagency work related to the oversight of crypto assets.
SEC’s New Staff Bringing Exceptional Experience
SEC’s hire of Frayer is alongside three other new staff filling other roles unrelated to crypto. Philipp Havenstein will be the incoming operations advisor, Jennifer Songer as an investment management advisor, and Jorge G. Tenreiro as the enforcement advisor.
Corey Frayer previously held positions as a Senate Banking Committee staff member, Housing and Urban Affairs. Frayer also worked as the senior aide to the House Financial Services Committee under the leadership of Maxine Waters.
Speaking on these latest hires, SEC chairman Gary Gensler commented that the new staff members had an exceptional experience. Gensler continued to bring valuable counsel on policy, enforcement, and agency operations.
Since taking office in April, Gary Gensler has aimed to establish crypto and digital assets as a high-profile regulatory area for the SEC. In September, Gensler revealed that he was bringing crypto into the public policy framework.
Frayer’s hire to SEC points to Gensler’s efforts towards understanding crypto and the blockchain space as a whole. Gary Gensler is the most informed person ever to hold SEC’s chair.
Frayer’s Hire to SEC is Good for the Cryptocurrency Scene
Digital asset regulation in the United States is split between SEC, the Commodity Futures Trading Commission, and the Financial Crimes Enforcement Network. Some parties within the government and exchanges, such as Coinbase and FTX, have been calling for a unified cryptocurrency regulator.
SEC Commissioner Hester Peirce dismissed these calls saying a unified regulator will only have all existing regulators plus one more.
A unified regulator seems rather ambitious for the crypto industry at the moment. However, SEC’s hire of Frayer as its crypto advisor points to the agency’s commitment to understanding and hopefully overseeing cryptocurrencies on its own.
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