The US SEC Commissioner Hester Peirce, also knows as “Crypto Mom” in the crypto community, tweeted on Dec. 24 her congratulations to fellow commissioner Elad Roisman on his promotion. However, the Securities and Exchange Commissioner (SEC) Roisman’s appointment is not official yet. The SEC and White House have not confirmed the fact. However, Commissioner Price did tweet her greetings to Roisman. The move comes a day after SEC Chairman Jay Clayton announced his immediate departure.
Congratulations, Chairman Roisman! I look forward to your leadership of the SEC.
— Hester Peirce (@HesterPeirce) December 24, 2020
Clayton left SEC a day after they filed a lawsuit against Ripple.
Jay Clayton indicated in November that he would leave by year-end. However, the actual date was not previously specified. SEC chairman’s departure itself came a day after the SEC formally charged Ripple and two of its top executives, CEO Brad Garlinghouse and co-founder Chris Larsen with selling $1.3 billion in unregistered securities. The SEC claims that along with Ripple Labs itself, founder and former CEO Larsen and current CEO Garlinghouse also ‘affected’ about $600 million in personal sales. These sales lacked the disclosure necessary to allow potential investors the opportunity to understand what they were buying.
Biden administration is likely to pick a new SEC chairman.
Roisman’s tenure as Acting Chairman of the SEC, if the White House does make it official, is likely to be short. It is expected that President-elect Joe Biden will appoint his own SEC Commissioner early in 2021. In the meantime, the crypto community has a relatively digital-currency-friendly Acting Commissioner on its hands. During his confirmation hearings in the US Senate in 2018, Roisman took a pro-crypto direction. At the end of his opening remarks, the acting chairman stated that the SEC needs to review its rules to keep them “working as intended.”