The cryptocurrency community is awash with joy following the announcement of Elad Roisman as the new chairman of the U.S. Securities and Exchange Commission (SEC). Former chairman of the Commission, Jay Clayton, resigned on Wednesday, according to a statement on the SEC’s website.
The reason for the excitement is not far-fetch because several cryptocurrency news have extolled the Commissioner’s support for digital assets. In one of his remarks regarding ICOs and blockchain, he said:
It is essential that the SEC approach these new challenges in a fair and transparent manner, provide clarity and certainty to the markets and investors, and enforce the laws and regulations that hold market participants accountable.
SEC Commissioner, Hester Peirce, made the revelation on Twitter Thursday morning while congratulating the new chairman.
Congratulations, Chairman Roisman! I look forward to your leadership of the SEC.
— Hester Peirce (@HesterPeirce) December 24, 2020
Whilst it is possible that President-elect Joe Biden will select someone else as a permanent successor to Clayton, Roisman could still remain chairman.
Meanwhile, several individuals are already calling on Roisman to take decisive action in sorting out the “Ripple mess” as soon as possible.
I just want it explained to me if SEC felt for 7 years XRP was a security, and was duping investor's or misleading them, how the hell does it take 7 years to call a timeout? That's like saying you know someone is slowly being poisoned and you now you decide to investigate
— Dre Morell (@DreMorell) December 24, 2020
@HesterPeirce Because of Jay Clayton i lost $150,000 overnight which is most of my life's savings, it will take me 4.5 years to get this back if i saved 100% of my salary. I have a 11 month old baby to feed. Please fix this. XRP is a Digital Currency.
— XRP ZERO DOUPT (@crypton00b844) December 24, 2020
Please help discard the spiteful and irrational last-minute lawsuit against Ripple anounced by former SEC chair Jay Clayton, the day before he left!
— Hodler (@OriginalHodler) December 24, 2020
As you are well aware, XRP is not a security and Clayton’s attack is very harmful to investors in XRP and to crypto innovation!
CrossTower co-founder and President Kristin Boggiano predicting Roisman’s next moves said:
As an acting, interim chair, Roisman will likely serve until President-elect Joe Biden designates his own acting chairman of the SEC. Given how controversial an ETF has been over the past few years, it's unlikely that Roisman will quickly usher an ETF through. However, as there is clear widespread adoption of BTC, the chance of the SEC approving an ETF is higher. My guess is that BTC will gain clear status as an asset class in 2021 and that the SEC will be more inclined to approve an ETF.