The Securities and Exchange Commission (SEC) has appointed a former crypto executive to a top position. Jamie Selway, a veteran in financial services, will become the SEC’s new Director of Trading and Markets, starting June 17th.
A Shift in Approach?
SEC Chairman Paul Atkins stated that Selway will help ensure the agency’s regulations find a balance between costs and benefits. This appointment comes as the SEC seems to be adopting a more crypto-friendly approach under Atkins. This contrasts with the previous chair, Gary Gensler, who initiated numerous lawsuits against major crypto companies like Binance, Kraken, Coinbase, and Ripple. Many of these cases have been dropped since Gensler’s departure in January.
Modernizing Regulations for Crypto
Atkins recently commented that existing SEC rules aren’t designed for the unique aspects of blockchain technology. He emphasized the need for the US to become a global leader in crypto, stating that the SEC must adapt to innovation and consider regulatory changes to accommodate crypto assets. He highlighted the potential incompatibility of traditional regulations with on-chain assets and the need for a framework that balances clear rules with deterring illegal activity.