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Chairman Gary Gensler of the US Securities and Exchange Commission (SEC) hired new personnel on December 30 to guide crypto policy and inter-agency work.

According to the SEC chair’s announcement on Thursday, Corey Frayer will join Gary’s executive team as a senior consultant on the SEC’s oversight of digital assets. Corey worked as a senior adviser to members of Congress before joining Gary’s executive team. Later, he worked as a senior staffer on the US Senate Committee on Banking, Housing, and Urban Affairs, chaired by Senator Sherrod Brown.

Philipp Havenstein, Jennifer Songer, and Jorge Tenreiro have also been appointed to the SEC Chair’s executive staff. They will each serve as operations counsel, investment management counsel, and enforcement counsel.

The head of the Securities and Exchange Commission is one of the most knowledgeable people on crypto and blockchain technology. As a result, the addition of Frayer to Gensler’s team may impact the latter’s public stance on crypto-related policy changes. The SEC chair has also made concerns about exchange-traded funds (ETFs) that are exposed to cryptocurrencies like Bitcoin.

Gensler is focused on developing a legal framework for cryptocurrency, and there is speculation that the Securities and Exchange Commission (SEC) may increase its attempts to regulate the market in 2022. Gensler’s appointment as a crypto-focused senior adviser coincides with such a move.

President Joe Biden of the United States now can appoint financial specialists who will have a significant impact on crypto policies. He’ll be doing so because the SEC’s leadership will shift in 2022 after commissioner Elad Roisman’s resignation in January and commissioner Allison Lee’s tenure expires in June.

Crypto will be subjected to more stringent regulations

Gary Gensler has become a driving principle in his new job as Wall Street’s top cop, vowing to bring a more muscular and stronger approach to oversight at a vital time for markets. Thanks to trading apps like Robinhood, millions of novice investors have begun trading equities for the first time during the pandemic. They’ve partnered up on the social media site Reddit to drive up the price of meme stocks like GameStop. They’ve also embraced cryptocurrencies and innovative investments like SPACs, which have become a popular option for private companies to avoid traditional IPOs.

This concerns Gensler, who believes such inexperienced investors may not be sufficiently safeguarded. The SEC has revealed several high-profile investigations during his leadership. The agency recently unveiled a slew of ideas, including new curbs on how CEOs can trade their own businesses’ stocks and a drive for more information on company buybacks. There’s a lot more to come, a lot of it related to improving investor safeguards. Cryptocurrencies, in particular, will be subject to more stringent regulations.

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