According to a Thursday release, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has hired a senior counsel specialized in cryptocurrencies.
Corey Frayer, who worked as a senior consultant to members of Congress for a decade before becoming a senior staffer on the U.S. Senate Committee on Banking, Housing, and Urban Affairs under committee chairman Sen. Sherrod Brown, has been named to the position.
The hiring of a crypto-focused senior adviser by Gary Gensler is consistent with his stated goal on developing a regulatory framework for crypto, as well as an indication that the SEC may increase its regulatory efforts in 2022.
According to a source close to the Senate Banking Committee, Frayer spearheaded crypto policy for Brown – who has been vocal about his concerns about the risks cryptocurrencies may pose to investors, referring to blockchain as a “shady diffuse network of online funny money” at a July hearing – and other top-ranking Democrats.
According to the statement, Frayer’s new position at the SEC would center on “policymaking and interagency work relating to the oversight of crypto assets.”
Frayer spent a decade as a Senior Advisor for U.S. Representative Maxine Waters on the House Financial Services Committee and U.S. Representative Brad Miller of North Carolina, focusing on topics ranging from consumer and investor protection to systemic risks and new financial technology. He graduated from The Catholic University of America with a degree in International Economics and Finance.