Elad Roisman will take over as chairman of the United States Securities and Exchange Commission with immediate effect, according to Commissioner Hester Peirce.
Peirce broke the news on Twitter Thursday morning, where she congratulated Roisman for his appointment.
Congratulations, President Roisman! I look forward to your leadership at the SEC.
– Hester Peirce (@HesterPeirce) December 24, 2020
Both Republican commissioners, Peirce and Roisman, were the main candidates to replace Jay Clayton as president.
Clayton resigned on Wednesday in a statement posted on the SEC’s website. The change was widely expected, as Clayton had already indicated his desire to leave the agency by the end of the year.
Regarding the potential for a Bitcoin ETF, which did not appear under Clayton’s leadership, CrossTower co-founder and president Kristin Boggiano suggested that “As acting interim president, Roisman will likely serve until President-elect Joe Biden designates his own acting interim president. SEC – Given how controversial an ETF has been in recent years, Roisman is unlikely to introduce an ETF quickly, however, as there is widespread adoption of BTC, the chance that the SEC will approve an ETF is greater. BTC will gain clear status as an asset class in 2021 and that the SEC will be more inclined to approve an ETF. “
Roisman was appointed SEC commissioner in 2018. Prior to his appointment, he served as chief adviser to the United States Senate’s Banking, Housing and Urban Affairs Committee.
According to Bloomberg, President-elect Joe Biden will select a permanent successor to Clayton, which means that Roisman’s position may be temporary.
Roisman, like Peirce, is considered an ally of the cryptocurrency community for his relatively favorable position in relation to the regulation of digital assets. While still a member of the U.S. Senate Banking, Housing and Urban Affairs Committee in 2018, Roisman said:
“[…] The SEC must review and review its rules, regulations and guidelines to ensure that they are still functioning as intended to fulfill the SEC’s mission. This has manifested itself more recently in areas such as data protection and cybersecurity, as well as in the emergence of new investments and technologies, such as initial coin and blockchain offerings. “
Roisman was briefed on the prospects for a Bitcoin exchange traded fund (BTC) shortly after joining the securities regulator in 2018. Although he was not part of the decision to reject the Winklevoss Bitcoin Trust earlier that year – a decision which was strongly opposed by Peirce – Roisman heard numerous arguments to explain why similar funds should be approved.
Roisman is not expected to be a cheerleader for the crypto community, but his presence at the top of the SEC could help digital assets gain more regulatory clarity. This could, in the long run, pave the way for a Bitcoin ETF or similar product.