The SEC is going deep to regulate cryptocurrencies and also make sure only the right ETFs are approved. Arguably, there is a lot of flaw in this. And to make this process better and correct, Corey Frayer has joined the SEC as a staff member. He is a crypto advisor and will work with SEC’s Chairman Gary Gensler. This is good news as Corey Frayer is well experienced as a policy advisor. He worked for the House Financial Services Committee. So, as the SEC Chairman gets a new crypto advisor, we can expect much better crypto policies and work from the SEC.
Corey Frayer in the SEC
Apart from his job as a Policy advisor, Corey also worked as a Professional Staff Member at the Senate Banking Committee. Therefore, his addition to the SEC is going to bring a lot of value. Other staff members for operations counsel, investment management counsel, and enforcement counsel were also recruited by the SEC. They are Philipp Havenstein, Jenniger Songer and Jorge Tenreiro. The SEC hasn’t been very good at formulating regulations in the crypto space. There has also been a lot of issues when you highlight the XRP case. Therefore, the new addition to the team might help prevent that in the future.
It has been confirmed that Gary Gensler will be the Chairman of the SEC till 2026, which means we gotta make the best of what we have. There must also be some correlation between the SEC, Commodity Futures Trading Commission, and Financial Crimes Enforcement to work more efficiently.
Having Corey Frayer by his side could also influence Gary’s take on crypto. He is not against it in a lot of ways, but we gotta remember that the SEC has rejected Spot ETFs multiple times. Gary has also asked crypto projects to get registered under the SEC and follow a regulatory approach.
If the SEC brings good laws that support crypto and spot ETFs with the help of Corey Frayer, then things will look good. Currently, the SEC is more focused on litigation than helping, and I hope that will change in the future. So, let’s see what difference the new team makes in the SEC.
What are your thoughts as SEC Chairman gets a new crypto advisor? Do you think this will change the way Gary Gensler deals with crypto? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.