New Appointment at SEC
The United States Securities and Exchange Commission has appointed a new Commissioner. Elad L. Roisman was sworn into office by Jay Clayton, the SEC Chairman. Roisman was nominated to the SEC by the president and on September 5th, his nomination was confirmed by the US Senate. His term expires on June 5, 2023.
Mr. Roisman expressed his enthusiasm towards joining the commission. He said, “I am excited to have the opportunity to be back working with the talented and hardworking people at the SEC, as well as with my fellow Commissioners. I look forward to engaging with them and the public to carry out the SEC’s important mission.” This was echoed by Chairman Clayton, who applauded the move and said it was an honor to welcome Roisman back to the commission.
The new commissioner has a high level of experience. Roisman was most recently Chief Counsel on the Senate Banking Committee, and was previously Counsel to SEC Commissioner Daniel Gallagher, a Chief Counsel at NYSE Euronext, and an attorney at the New York office of law firm of Milbank, Tweed, Hadley & McCloy LLP. He has a bachelor’s degree in History from Cornell University and a J.D. from the Boston University School of Law.
Impact of the New Appointment
The new appointment of the commissioner means new developments in the regulatory climate in the United States. Of major interest to crypto analysts and enthusiasts is the anticipated approval of a Bitcoin Exchange-Traded Fund (ETF).
Since blockchain-crypto is a new area, guidelines and regulations are still evolving. On August 23rd, the SEC indicated that it would review a decision made by its staff to block nine bitcoin-based exchange-traded funds. The staff stated that they weren’t convinced that an ETF would not be subject to fraud or manipulation.
According to a March report posted on the SEC’s website, the commissioners were mandated to review a decision on an ETF approval. The commissioners previously voted 3 against 1 in rejecting another bitcoin ETF application. Notably, Hester Peirce, the Republican commissioner, dissented the approval on the basis of stifled innovation.
All eyes in the crypto sphere are therefore directed at the new commissioner with the hope that his appointment will result in an approval of a Bitcoin EFT.
