Shake Up At The SEC Will Be Good For Cryptos
SEC Chair Jay Clayton is stepping down from his position at the SEC. After serving as the SEC chair since 2020, he realized that his time at the SEC was coming to an end. In a note to friends, he stated that he expected to be succeeded by someone with a more "tenant orientation." According to sources, this may mean that somebody with a background in finance, economics or business might take over the role of SEC chair. This comes as no surprise since the SEC is looking to diversify its portfolio and increase the focus it has on issues that are more business-like rather than political.
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.
Elad Roisman was appointed by President Trump as an SEC commissioner two years ago. But today he now serves as the acting SEC Chain. If you don’t know Elad, all you need to know is that in July 2018, Roisman addressed ICO and blockchain technologies and believed that SEC must “approach these new challenges in a fair and transparent manner,” and also “examine and re-examine its rules, regulations, and guidelines.”
Elad Roisman, will service in his new role until President-elect Joe Biden announces a new chair when he takes over in the White House. We will have to wait and see who will take over, but I think anybody will be better than Jay Clayton for cryptos.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advice. Do your own research before making investment decisions.
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