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The SEC has hired a senior advisor for work related to the oversight of cryptocurrencies.
Corey Frayer is a former Senate staffer with experience in investor and consumer protection.
His appointment could be welcomed by those looking for clarity around crypto assets in the US.
The Securities and Exchange Commission has hired former Senate staffer Corey Frayer to advise on matters relating to cryptocurrencies and digital assets.
Just before his appointment, Frayer worked on the US Senate Committee on Banking, Housing, and Urban Affairs. Prior to that, he worked as a senior advisor to Rep. Maxine Waters for a decade, tackling various topics including emerging financial technology, and investor and consumer protection.
Frayer's appointment was announced alongside three new SEC hires to the executive staff: Phil Havenstein, Jennifer Songer, and Jorge Tenreiro.
"Corey, Phil, Jenny, and Jorge have exceptional experience," Chairman Gary Gensler said in a statement. "I've already begun to rely on their valuable counsel on policy, enforcement, and agency operations, and I look forward to our continued work together to execute the SEC's mission."
The SEC's announcement of a senior advisor for cryptocurrencies follows a blockbuster year of digital asset adoption. Rising mass awareness about assets like non-fungible tokens, bitcoin-linked exchange-traded funds, and other crypto investments catapulted them into mainstream finance in 2021.
In August last year, Gensler said the crypto industry is rife with fraud, scams, and abuse in some areas. "There's a great deal of hype and spin about how crypto assets work," he said. "In many cases, investors aren't able to get rigorous, balanced, and complete information. If we don't address these issues, I worry a lot of people will be hurt."
But unlike China, the US has no plans to ban these popular digital assets. Gensler has called for crypto platforms to embrace regulation. His request for more oversight of market participants in the cryptocurrency and digital asset industry, supporters say, will help the market flourish and protect investors.
The regulator's willingness to initiate a dialogue about digital currencies has been seen as a positive and encouraging sign for stakeholders of the ecosystem.
"The establishment of this executive role indicates a clear desire on the part of the Commission to bring more resources to bear in its understanding and oversight of our nascent space," Jorge Pesok, general counsel and chief compliance officer at crypto startup Tacen, said.
"Arriving on the heels of December's productive Hill hearing on crypto, I'm optimistic that the appointment of Corey Frayer will contribute to the development of a commonsense regulatory framework for the crypto industry that benefits our companies as well as the consumers we serve."
Read the original article on Business Insider