Cryptocurrency and Digital Asset Advisor Among New SEC Hires
On December 30, 2021 the Security and Exchange Commission (SEC) announced several new hires and additions to the executive staff.
The new hires include Corey Frayer, Jorge Tenreiro, Jennifer Songer, and Phil Haverstein.
SEC Chair Gary Gensler commented on the addition, saying “Corey, Phil, Jenny, and Jorge have exceptional experience. I’ve already begun to rely on their valuable counsel on policy, enforcement, and agency operations, and I look forward to our continued work together to execute the SEC’s mission.”
The expansion of the executive staff includes Corey Frayer, who will be acting as an advisor for cryptocurrency and digital assets.
As the adoption of digital assets continues to rise, the SEC has faced increased pressure for new regulations and oversight. Frayer’s hiring may be signaling the start of a new stance from the SEC and how they perceive digital assets.
When discussing Frayer’s exact role in this new position, it was explained that he would be assisting and advising Gensler on “SEC policymaking and interagency work relating to the oversight of crypto assets.”
Gensler has reiterated his belief in the need for regulation in this industry, noting the prevalence of scams and lack of security as a core indicator for the necessity of new legislation.
“There’s a great deal of hype and spin about crypto assets and crypto projects. In many cases, investors aren’t able to get rigorous, balanced, and complete information on tokens or trading and lending platforms.”
The SEC has been criticised for its past attempts at regulating the digital asset market.
The Security and Exchange Commission
The SEC was created after the Wall Street crash in 1929 and is considered an independent Federal agency. Its primary focus is to enforce any and all laws and regulations concerning market manipulation but generally attempts to regulate any kind of investment-related concerns and activities. In 2021, it became more heavily involved in the digital asset market as it considered implementing additional regulations and oversights.