We’re Getting A Pro-Crypto SEC Chairman For Christmas

The cryptocurrency community is awash with joy following the announcement of Elad Roisman as the new chairman of the U.S. Securities and Exchange Commission (SEC). Former chairman of the Commission, Jay Clayton, resigned on Wednesday, according to a statement on the SEC’s website.

Jay Clayton served his final day at the SEC this week, having served as its Chairman since May 2017. In his last public statement, he thanked his subordinates for their service and left on a positive note. 

SEC’s lawsuit against Ripple on the last day of office speaks volumes of Clayton’s attention towards crypto. Since taking over, the SEC has weeded out the ICO craze from the crypto markets and established that Bitcoin and Ethereum are not securities. 

Nevertheless, he will also be remembered as the Chairman who never approved a Bitcoin ETF. A new chairman now has the opportunity to change that.

President Trump had two choices, Hester Pierce and Elad Roisman, for the new Chairman’s position. Both candidates are favorable to cryptocurrency investors—Pierce was one of the first regulators to dissent SEC’s rejection of Bitcoin ETFs. 

The reason for the excitement is not far-fetch because several cryptocurrency news has extolled the Commissioner’s support for digital assets. In one of his remarks regarding ICOs and blockchain, he said:

It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.

SEC Commissioner, Hester Peirce, made the revelation on Twitter Thursday morning while congratulating the new chairman.

CrossTower co-founder and President Kristin Boggiano predicting Roisman’s next moves said:

As an acting, interim chair, Roisman will likely serve until President-elect Joe Biden designates his own acting chairman of the SEC. Given how controversial an ETF has been over the past few years, it’s unlikely that Roisman will quickly usher an ETF through. However, as there is clear widespread adoption of BTC, the chance of the SEC approving an ETF is higher. My guess is that BTC will gain clear status as an asset class in 2021 and that the SEC will be more inclined to approve an ETF.

Elad Roisman joined the SEC as a Commissioner in September 2018. 

In July of the same year, Roisman had raised the issue of examining and re-examining the Commission’s rules, regulations, and guidelines on “new investments and technologies such as initial coin offerings and blockchain.” 

Hopefully, this brings about the regulatory clarity we need to expedite the adoption of this space, and see a rapid expansion of crypto acceptance. 

Happy Holidays from the RSC team!