SEC Hires Former Senate Assistant As Crypto Advisor

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Key takeaways The SEC has hired former Senate aide Corey Frayer to serve as an advisor on cryptocurrency-related issues. Frayer will join the SEC alongside three other new staff hired to fill roles unrelated to crypto. The news is accompanied by comments from SEC Commissioner Hester Peirce criticizing the unified crypto regulations. Share this article

The United States Securities and Exchange Commission has hired a new seniorc member to serve as a cryptocurrency advisor.

Former senator spawn in aid hired by sec

The SEC announced Thursday that former Senate aide Corey Frayer has been hired as a senior cryptocurrency adviser. Frayer’s role will be to advise Gensler on SEC policy-making and to perform interagency work relating to the oversight of crypto assets.

Frayer previously worked for the US Senate Committee on Banking, Housing, and Urban Affairs. He has also worked on various issues as a Senior Advisor for the House Financial Services Committee under the direction of Maxine Waters.

Frayer will join the SEC alongside three other new staff: Philipp Havenstein as operations advisor, Jennifer Songer as investment management advisor and Jorge G. Tenreiro as enforcement advisor. These roles are not specifically related to cryptocurrency.

The recruits will be led by SEC Chairman Gary Gensler, who assumed the role in April 2021. Gensler said the four newly hired had “exceptional experience” and had “already begun to rely on on their valuable advice “.

Peirce’s comments on unified regulations

The news is accompanied by statements by SEC Commissioner Hester Peirce criticizing calls for a unified cryptocurrency regulator.

Peirce said that while she understands “the impulse to call a regulator,” such a demand may in fact result in less unity. “Usually in Washington, when you build another regulator, all you get are all of the existing regulators plus one,” Peirce said.

Calls for a unified crypto regulator have come from the U.S. government and crypto companies like Coinbase and FTX.

Peirce’s comment was unrelated to the staff additions the SEC just announced. However, the SEC’s decision to appoint a new crypto advisor suggests that it commits to overseeing crypto activity itself in the absence of a regulator specifically dedicated to this end.

Disclosure: At the time of writing, the author of this article owned BTC, ETH, and other cryptocurrencies.

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