Elad Roisman Is Named The New Pro-Crypto SEC Chairman

Elad Roisman, the pro-crypto commissioner is now named the new Securities and Exchange Chairman after Jay Clayton stepped down. In our latest crypto news, we learn more about the new SEC Chairman.

Hester Peirce, the most popular SEC Commissioner who is well-known in the crypto community for her support of Bitcoin and is often called the “Crypto Mom”, broke the news about Elad Roisman and congratulated him on becoming the new SEC Chairman. After her tweet, the community got extremely excited because of his remarks towards crypto regarding digital assets and initial coin offerings, and blockchain.

Congratulations, Chairman Roisman! I look forward to your leadership of the SEC.

— Hester Peirce (@HesterPeirce) December 24, 2020

It is essential that the SEC Approach towards these new challenges in a fair and transparent manner will give us some more clarity and certainty to make the markets and the investors safer and to enforce laws that will hold the market participants accountable. The years under his term will be exciting to watch especially because of a potential BTC ETF approval. This is interesting now especially since many institutional investors are already joining the bandwagon.

As recently reported in our crypto news, Jay Clayton, the Securities and exchange commission chairman today submitted his letter of resignation to President Donald Trump after serving in this role for three and a half years. Under Clayton’s rules, the SEC chased a few high-profile crypto projects which it alleged that they held unregistered securities offering. The SEC mounted its biggest offense yet yesterday when it filed the lawsuit against Ripple Labs for allegedly raising $1.3 billion in unregistered securities sales since 2013.
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Right after the lawsuit, the price of the coin dropped.

Securities, the asset class that the SEC regulates, refer to investment contracts. The Clayton-era SEC has spent much of the past three years working out whether cryptocurrency tokens constitute investment contracts. If one coin creator marketed the coin as an investment, investors would not buy the tokens to use them in the crypto network but rather on the future worth of the token which had not registered sales of the coin with the SEC but the agency could chase after the projects and will sue.

In his resignation letter, Clayton tanked his 4500 SEC staffers that worked with him since 2017 and also thanked them for the service to investors, the markets, and the country. Clayton planned to step down in 2021 but announced that he would leave by the end of the year.