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- Corey Frayer, a former Senate aide, has been recruited by US Securities and Exchange Commission, as a counselor for cryptocurrency.
- Corey Frayer will be joining 3 other fresh members of the staff recruited for the roles other than cryptocurrency.
- The report came out with the comments made by Hester Pierce, Commissioner of SEC, making criticisms of unified crypto rules.
New Crypto Counsellor
An announcement was made by the Securities and Exchange Commission on Thursday that the former Senate Aide will be joining the crypto advisory of SEC as a senior counselor. Gensler will be advised by the former Senate aide regarding the policies of SEC and to do inter-agency work concerning cryptocurrency oversight.
Corey Frayer has served in the US Senate Committee on Urban matters, banking, and housing in the past. Frayer has also worked regarding numerous problems as House Financial Services Committee’s Senior Counsellor under Rep. Maxine Waters.
Corey Frayer will join SEC with 3 other latest members of staff: Counsel of Enforcement, Jorge G. Tenreiro; Counsel of Operations, Philip Havenstein; Counsel of Investment Management, Jennifer Songer.
All the hired individuals are going to serve under the command of Gary Gensler, SEC’s Chairman, who acquired the position back in April 2021. As per the SEC Chairman, all the recruits have “Exceptional Experience,” and he has “already begun to rely on their valuable counsel.”
Unified Laws Criticized
News for recruitment came while the Commissioner of SEC was making comments and criticizing the unified crypto laws.
It was stated by the SEC Commissioner, while it is understood by her that, “the impulse to call for one regulator,” such desires might lead to reduced unity. Pierce stated, “Typically in Washington, when you build another regulator, all you get is all the existing regulators plus one.”
Calls regarding unified crypto law had come from inside the government as well as from crypto organizations like FTX and Coinbase.
Comments of Pierce were not associated with the additions of the staff in the SEC. However, the decision made by the SEC regarding the appointment of a fresh crypto counselor indicates that it is all set for monitoring the activities of digital assets itself. At the same time, there is no authority working regarding that motive.
This appointment to the staff might affect the public position of the SEC Chairman regarding changes in policy. Gensler is one of the most knowledgeable individuals regarding the crypto world but still has concerns regarding the ETFs, with the exposure to the crypto assets like Bitcoin. The individual has urged crypto projects for a long time to get enlisted in the SEC, particularly saying that they must work with the authorities.
The leadership of SEC will most probably change in the upcoming year, following Elad Roisman’s departure in January, and Allison Lee’s term expiration, which will expire in June. President Joe Biden will be left with the chance to select monetary experts, who could’ve influenced crypto related policies significantly.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
