Pro-crypto commissioner Roisman to replace Jay Clayton as SEC Chairman
In his final days in office, Clayton stirred up controversy by suing Ripple Labs and creating over $10 billion in losses for XRP investors.
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Hester Peirce, another pro-crypto SEC commissioner, broke the news saying:
Roisman will be acting Chairman until the incoming president appoints a permanent Chairman. Roisman, like his colleague Peirce, is a republican. Roisman was appointed to the SEC board by President Donald Trump in 2018.
If Biden takes office in January, we may see another shake up in the leadership at the SEC. If Trump remains in office then Roisman is more likely to keep his position at the helm of the SEC.
It’s unlikely that Roisman will make any controversial decisions, like approving an ETF or dropping the Ripple lawsuit, while he is acting Chairman.
Roisman has stated that: “[the] SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”
If Roisman remains the chairman he may actually help bring more regulatory clarity to crypto, something needed to attract more institutions into the market. That could also pave the way to a Bitcoin ETF, something that former chairman Clayton dragged out for the entirety of his term as chairman.
Clayton was hostile towards cryptocurrency for most of his term. He repeatedly strung investors along about a Bitcoin ETF, never actually bringing any clarity to the market. His clamp down on ICOs created billions in losses for crypto investors and developers. He also brought a contentious lawsuit against Ripple in the final days of his term, which coincided with billions in losses for the entire crypto industry.
Roisman is a welcome change at the head of the SEC. Hopefully during his term he won’t cause as many losses for investors as Jay Clayton did.
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