What You Need To Know About Gensler’s New Crypto Advisor

January 3, 2022 12:11 am Comments

At the end of 2021 SEC Chair Gary Gensler made a decision to hire a new senior advisor who specialized in cryptocurrency.

Gensler hired Corey Frayer who spent over a decade working as a financial advisor for members of Congress.

Frayer’s last place of employment was as a senior advisor for U.S. Senate Committee on Banking chairman Sen. Sherrod Brown (D-Ohio).

It’s reported that Frayer helped create Sen. Brown’s stance on crypto and through Frayer’s advice Senator Brown has gone on record calling cryptocurrency a  “shady diffuse network of online funny money”.

It appears Gensler’s move to hire Frayer will result in the SEC to start moving into the direction of creating more regulation on cryptocurrency.

Coindesk shared more details on details about Frayer’s background:

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has hired a senior adviser specializing in cryptocurrency, according to a Thursday announcement.

Corey Frayer, who spent a decade working as a senior adviser to members of Congress before becoming a senior staffer on the U.S. Senate Committee on Banking, Housing and Urban Affairs under committee chairman Sen. Sherrod Brown (D-Ohio), has been tapped for the role.

Gensler’s appointment of a crypto-focused senior adviser is in line with his stated focus on establishing a regulatory framework for crypto, as well as a signal that the SEC could step up its efforts to regulate the industry in 2022.

According to a source familiar with the Senate Banking Committee, Frayer spearheaded crypto policy for Brown – who has been outspoken about his concerns about the risks cryptocurrencies could pose to investors, calling blockchain a “shady diffuse network of online funny money” at a hearing in July – and other top-ranking Democrats.

According to the announcement, Frayer’s new role at the SEC will focus on “policymaking and interagency work relating to the oversight of crypto assets.”

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