The Securities and Alternate Fee has employed former Senate staffer Corey Frayer to advise on issues referring to cryptocurrencies and digital belongings.
Simply earlier than his appointment, Frayer labored on the US Senate Committee on Banking, Housing, and City Affairs. Previous to that, he labored as a senior advisor to Rep. Maxine Waters for a decade, tackling varied subjects together with rising monetary expertise, and investor and client safety.
Frayer’s appointment was introduced alongside three new SEC hires to the manager workers: Phil Havenstein, Jennifer Songer, and Jorge Tenreiro.
“Corey, Phil, Jenny, and Jorge have distinctive expertise,” Chairman Gary Gensler said in a statement. “I’ve already begun to depend on their precious counsel on coverage, enforcement, and company operations, and I stay up for our continued work collectively to execute the SEC’s mission.”
The SEC’s announcement of a senior advisor for cryptocurrencies follows a blockbuster year of digital asset adoption. Rising mass consciousness about belongings like non-fungible tokens, bitcoin-linked exchange-traded funds, and different crypto investments catapulted them into mainstream finance in 2021.
In August final 12 months, Gensler mentioned the crypto business is rife with fraud, scams, and abuse in some areas. “There’s an excessive amount of hype and spin about how crypto belongings work,” he mentioned. “In lots of instances, buyers aren’t in a position to get rigorous, balanced, and full info. If we do not deal with these points, I fear lots of people will probably be harm.”
However not like China, the US has no plans to ban these common digital belongings. Gensler has known as for crypto platforms to embrace regulation. His request for extra oversight of market individuals within the cryptocurrency and digital asset business, supporters say, will assist the market flourish and defend buyers.
The regulator’s willingness to provoke a dialogue about digital currencies has been seen as a positive and encouraging sign for stakeholders of the ecosystem.