The Securities and Exchange Commission (SEC) has decided to strengthen its team as part of its efforts to regulate the crypto industry. She recently announced that Senate Associate Corey Frayer will now serve as Senior Advisor on Cryptocurrency-Related Issues.
Facilitate collaboration between financial market regulators
The press release announcing the arrival of Mr. Frayer specifies that his main mission will be to contribute to SEC policy making. It should also facilitate collaboration between the various government agencies responsible for regulating cryptocurrencies. Prior to joining the SEC, Mr. Frayer worked as a senior staff member on the Senate Committee on Banking, Housing and Urban Affairs under the leadership of Senator Sherrod Brown.
Previously, he was Senior Advisor to Maxine Waters on the House of Representatives Financial Services Committee. This exceptional experience convinced the president of the SEC to take him into his close team. ” I have already begun to rely on his valuable guidance on agency policy, enforcement and operations, and look forward to continuing our work together to carry out the SEC’s mission.Mr. Gensler said in a statement.
The regulation of stablecoins
Last October, the SEC won the backing of the US Treasury Department to be authorized to regulate stablecoins . A month ago, Mr. Gensler compared these assets to poker chips from casinos that allowed platforms to tradingto be more efficient. He then admitted that the SEC needed to work with other agencies like the CFTC (Commodity Futures Trading Commission) to determine how to deal withstablecoins. Mr. Frayer’s experience should also be useful in facilitating this rapprochement.
Through his journey through the House of Representatives, Mr. Frayer will bring a different take on how cryptocurrencies should be framed in the United States. There is no doubt that his background in financial services will help guide Mr. Gensler’s choices in shaping SEC policies.
Source: The Block
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 in some crypto only increased my enthusiasm. I therefore resolved to study and understand blockchain and its many uses and to relay information relating to this ecosystem with my pen.