The United States Securities and Exchange Commission (SEC) chair Gary Gensler has appointed a new staff member, Corey Frayer, to help oversee the agency's oversight of cryptocurrency assets.
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Frayer previously worked as the senior policy adviser at the House Financial Services Committee with Representatives Maxine Waters and Brad Miller and as a staff member at the Senate Banking Committee. He also worked on the U.S. Senate Committee on Banking, Housing, and Urban Affairs for Chairman Sherrod Brown.
Frayer has a decade of experience with consumer and investor protection and emerging financial technologies, according to the SEC.
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Gensler said Frayer and a slate of other new hires would add “valuable counsel on policy, enforcement and agency operations.”
In the past, the SEC has rejected spot exchange-traded funds or ETFs with crypto exposure, citing high risk and volatility. Gensler’s public stance on cryptocurrencies has ranged from concern about this crypto exposure in ETFs to pleas to crypto firms to register with the SEC, even asking them to "come in" and work with the government.
Former SEC chair Jay Clayton, appointed by former president Donald Trump, previously declared that he was a “huge believer in crypto technology” and extolled the efficiency of crypto technologies.
Next year, the leadership of the agency is likely to change after the January departure of commissioner Elad Roisman and commissioner Allison Lee next June. Analysts believe this will allow President Joe Biden to select advisers who can dramatically change how crypto policy is steered in the coming years.