According to a Thursday announcement, the US Securities and Exchange Commission (SEC) chair Gary Gensler selected Corey Frayer as a senior advisor on cryptocurrency.
Frayer brings extensive knowledge and experience on policy regulation to SEC
As per the details distributed by the Commission on 30 December, Frayer will give direction regarding SEC’s crypto policymaking. Besides, the recently appointed counsel will work on matters connected with digital assets.
Prior to Corey Frayer joining SEC, he spent a decade serving as a senior advisor to members of Congress.
In a press release, SEC noted, “Corey Frayer advises Chair Gensler on SEC policymaking and interagency work relating to the oversight of crypto assets. Immediately before joining the SEC, he served as Senior Professional Staff on the US Senate Committee on Banking, Housing, and Urban Affairs for Chairman Sherrod Brown. Prior to that, he spent a decade as a Senior Advisor working on issues ranging from consumer and investor protection to systemic risks and emerging financial technologies for US Representative Maxine Waters on the House Financial Services Committee and for US Representative Brad Miller of North Carolina.”
Per source next to Senate Banking Committee, Frayer led crypto strategy for Brown, who has been vocal regarding his interests about the dangers digital currencies might pose to financial backers. Brown alluded to blockchain as a “shady diffuse network of online funny money” at a July hearing.
Frayer has led crypto strategy for other high-level Democrats.
Gensler on Cryptocurrencies
Frayer’s appointment to SEC came nearly 4 months after Gensler denounced Bitcoin and other digital currencies, showing that they are speculative assets. With his extensive experience in financial policymaking, SEC plans to create an effective and clear regulatory framework for crypto.
While Gensler’s position on private cryptocurrency has been extreme, the crypto sector is hopeful for reasonable regulation soon. In a new conversation, the SEC chair said the US won’t take cues from China to prohibit cryptocurrency.
“We are really working with the authority they (Congress) have given us. I have said this before—I think many of these tokens meet the test of being investment contracts or a note or some other form of security,” Gensler said.
