Elad Roisman, A Pro-Crypto Confirmed By US Senate As SEC Commissioner
During the session of September 5, 2018, Elad Roisman was confirmed as a commissioner of the Securities and Exchange Commission by the United States Senate. Roisman is a Crypto – supporter and might be the missing piece that a bitcoin ETF approval required.
The newly-appointed member of the SEC succeeds Michael Piwowar, who stepped down in July. The 37 years old, served as chief counsel at the U.S. Senate Committee on Banking, Housing, and Urban Affairs for several years. Roisman becomes the third Trump appointee to the SEC.
Earlier this year, Roisman made a strong stance for fair regulation of cryptocurrency as he spoke at a Senate Banking Committee. He challenged the regulators to act in a “fair and transparent manner” and ensure they are working as intended in line with the agency’s mission. His statement said in part:
“The SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”
The 2 of the most crucial decisions that lay ahead of Roisman are those related to a new set of rules and regulations governing the relationship between stockbrokers and their clients, as well as that of “renewing” the SEC’s vision regarding cryptocurrencies and the possibility of approving cryptocurrency ETFs.
Pro – Crypto commissioner
As Roisman joins the SEC’s force, the financial regulator would have five members, 3 of whom are are pro-bitcoin ETF and see the cryptocurrency markets with favorable eyes. The configuration of the commission would be – Robert Jackson, Jr. (pro), Jay Clayton (anti), Hester Peirce (pro) and Elad Roisman (pro). The fifth one, Ms. Kara Stein can’t serve past December.
An advocate for cryptocurrencies, Commissioner Hester Peirce believes the agency should approve a bitcoin ETF. She published a formal dissent on the agency’s website disagreeing with the rejection of the Winklevoss ETF in July 2018. Peirce argued in her dissent that officials erred in denying the fund and have exceeded the limited scope of the agency’s role in regulating the securities market. She stated
“The Commission’s mission historically has been, and should continue to be, to ensure that investors have the information they need to make intelligent investment decisions and that the rules of the exchange are designed to provide transparency and prevent manipulation as market participants interact with each other.”
So far, the agency has rejected nine applications, and the much anticipated physical bitcoin ETF, SolidX/VanEck, is due for a decision by early March 2019. The ETF enthusiasts will surely hope this new appointment brings in some relief for them.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.