Elad Roisman will take over as Chair of the U.S. Securities and Exchange Commission with immediate effect, according to Commissioner Hester Peirce.
Peirce broke the news on Twitter Thursday morning, where she is congratulations Roisman for his appointment.
Congratulations, Chairman Rosman! I look forward to your leadership of the SEC.
– Hester Peirce (@HesterPeirce) December 24, 2020
The two Republican commissioners, Peirce and Roisman, were the leading candidates to replace Jay Clayton as Chairman.
Clayton resigned from his position Wednesday in a statement posted on the SEC’s website. The move was highly anticipated as Clayton had previously indicated his desire to leave the agency by the end of the year.
On the potential for Bitcoin ETFs, which has not been underway under Clayton’s leadership, CrossTower co-founder and President Kristin Boggiano suggested “As acting interim chair, Roisman will likely serve until the President Joe Biden elects his own interim chairman, given how controversial ETFs have been over the past few years, it is unlikely that Roisman will quickly guide ETFs. that BTC is widely adopted, the chances of the SEC approving ETFs are higher My guess is that BTC will gain clear asset class status in 2021 and that the ETF will be more inclined to approve ETFs . “
Roisman was appointed a commissioner for the SEC in 2018. Prior to his appointment, he served as chief counsel to the US Senate Committee on Banking, Housing, and Urban Affairs.
According to Bloomberg, President-elect Joe Biden will choose a permanent successor to Clayton, meaning the Rosman job could be temporary.
Roisman, like Peirce, is considered an ally of the cryptocurrency community for its relatively favorable stance towards digital asset regulation. While still a member of the US Senate Banking Committee on Banking, Housing, and Urban Affairs in 2018, Roisman said:
“[…] The SEC must audit and re-examine its rules, regulations, and guidelines to ensure that they continue to work as intended to fulfill the SEC’s mission. This is most recently highlighted in areas such as data protection and cyber security, as well as the emergence of new investments and technologies such as initial offerings of coins and blockchain. “
Roisman was reportedly briefed on the prospects of the Bitcoin exchange trading fund (BTC) shortly after he joined the securities regulator in 2018. Although he was not involved in the decision to reject the Winklevoss Bitcoin Trust earlier this year that – a decision strongly opposed by Peirce – Roisman heard a number of arguments for why similar funds should be approved.
Roisman is not expected to be a cheerleader for the crypto community, but its presence at the top of the SEC could help digital assets gain more regulatory clarity. That could, in the long run, pave the way for a Bitcoin ETF or similar product.