Tuesday, June 22, 2021

SEC commissioner Hester Peirce greets pro-crypto Roisman on his promotion.

The Takeaway:

SEC Commissioner Hester Price tweeted on Dec. 24 her congratulations to fellow commissioner Elad Roisman on his promotion as active SEC chairman after Jay Clayton's departure.

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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. 

 

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.” 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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