Elad Roisman will take over the position of Chairman of the US Securities and Exchange Commission with immediate effectAccording to Commissioner Hester Peirce.
Peirce brought the news to Twitter on Thursday morning, where I congratulate to Roisman for his appointment.
Congratulations, Chairman Roisman! I look forward to your leadership of the SEC.
– Hester Peirce (@HesterPeirce) December 24, 2020
Republican Commissioners Peirce and Roisman were the leading candidates to replace Jay Clayton as president.
Clayton resigned from his post Wednesday in a statement posted on the SEC’s website. The move was eagerly anticipated as Clayton had previously expressed his desire to leave the agency before the end of the year.
Regarding the potential for a Bitcoin ETF that did not launch under Clayton’s leadership, CrossTower co-founder and President Kristin Boggiano suggested that “Roisman will serve as interim president, likely pending the appointment of President-elect Joe Biden to his own interim president. Given the controversy over an ETF over the past few years, Roisman is unlikely to get this done quickly. However, since there is clear general acceptance of BTC, the likelihood that the SEC will approve an ETF is higher. I expect BTC will receive clear asset class status in 2021 and that the SEC will be more inclined to approve an ETF. “
Roisman was named SEC commissioner in 2018. Prior to his appointment, he served as Senior Counsel to the US Senate Committee on Banking, Housing and Urban Affairs.
According to Bloomberg, President-elect Joe Biden will elect a permanent successor to Clayton, meaning Roisman’s position could only be temporary.
Roisman, like Peirce, It is considered an ally of the cryptocurrency community due to its relatively favorable stance on regulating digital assets. Although he was still a member of the U.S. Senate Banking Committee on Banking, Housing and Urban Affairs in 2018, Roisman said:
“”[…] The SEC must review and re-examine its rules, regulations, and guidelines to ensure that they continue to function as intended to accomplish the SEC’s mission. This has recently manifested itself in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial offers for coins and blockchain. “
Roisman would have been briefed on the prospects for an exchange-traded Bitcoin (BTC) fund shortly after he joined the securities regulator in 2018. While not part of the decision to reject the Winklevoss Bitcoin Trust earlier this year, a decision Peirce-Roisman firmly opposed heard numerous arguments as to why similar funds should be approved.
Roisman is not expected to be a cheerleader for the cryptocurrency community, but his presence at the helm of the SEC could help digital assets gain more regulatory clarity. This could pave the way for a Bitcoin ETF or similar product in the long run.