Jay Clayton ended his term as the Securities and Exchange Commission (SEC) Chair on a high note for crypto, filing a major lawsuit against Ripple.
Now, SEC Commissioner Elad Roisman, a pro-crypto regulator, is set to fill the vacant position.
Elad Roisman to Lead SEC
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.
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.”
The crypto industry can expect more clarity and cooperation from the commission, with hopes for a Bitcoin ETF back on the table as well.
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