September 7, 2018 9:20 PM
The Senate has confirmed Elad Roisman to the Securities and Exchange Commission, filling the fifth seat on the commission, which has been vacant since July.
On Wednesday, the Senate confirmed[1] Elad Roisman as the fifth member of the Securities and Exchange Commission. The five-member commission has been operating with only four members since the departure of Michael Piwowar in July. Some are seeing Roisman's appointment as changing the balance of power on the commission, possibly leading to a more welcoming stance toward cryptocurrency.
However, Roisman's position on cryptocurrency is not entirely clear. In his statement[2] during his confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs, Roisman said:
"The SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC's mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain. 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."
Based on this slight evidence, some have concluded Roisman is not only "pro crypto," but even that his appointment makes SEC approval of cryptocurrency exchange traded funds (ETF) inevitable.
Recently the SEC denied[3], by a three to one vote, the proposal to package Bitcoin into an ETF, with Commissioner Hester Peirce casting the only vote[4] in favor. While a second "yes" vote wouldn't have changed the outcome, there is a possibility that before long, the commission will
