© Reuters.
The SEC announced Thursday that former Senate aide Corey Frayer has been hired as a senior cryptocurrency adviser. Frayer’s role will be to advise Gensler on SEC policy making and to perform interagency work regarding the oversight of crypto assets.
Mr. Frayer previously worked for the US Senate Committee on Banking, Housing, and Urban Affairs. He has also worked on various issues as a Senior Advisor for the House of Representatives Financial Services Committee, under the leadership of Maxine Waters.
The SEC is arming itself for a new crypto chapter
Mr. Frayer will join the SEC alongside three other new staff: Philipp Havenstein as Operations Advisor, Jennifer Songer as Investment Management Advisor and Jorge G. Tenreiro as Enforcement Advisor. These roles are not specifically related to cryptocurrencies.
The recruits will work under the direction of SEC Chairman Gary Gensler, who took office in April 2021. Gensler said the four newly recruited have “exceptional experience” and that he “has already started to rely on it. their valuable advice. “
The SEC as sole policeman?
The news comes alongside statements by SEC Commissioner Hester Peirce criticizing calls for a unified cryptocurrency regulator. These calls have come from the US government and crypto companies such as Coinbase (NASDAQ 🙂 and FTX.
Peirce said that while she understands “the impulse to ask for one regulator,” such a request may in fact result in less unity. “Typically in Washington, when you build another regulator, all you get is all of the existing regulators plus one,” Peirce said.
The SEC’s decision to appoint a new crypto advisor suggests that it is determined to oversee crypto activity itself in the absence of a regulator specifically dedicated to this effect.
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