SEC Appoints New Cryptocurrency Overseer

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SEC Appoints New Cryptocurrency Overseer

The Securities and Exchange Commission (SEC) has long been a recognizable if difficult-to-understand regulatory organization for members of the bitcoin world in the United States. As digital currencies have grown to become some of the most popular investment sectors in recent years, the SEC has rushed to keep up with the increased interest among both new and seasoned investors. The SEC has taken actions that some in the bitcoin community believe might harm the decentralized digital asset industry. According to Coindesk, one of the SEC’s top employees in charge of cryptocurrency and digital token sales has been appointed to a new senior advisory post. The ramifications for the regulatory body’s overall relationship with the bitcoin realm are unknown.

Valerie Szczepanik in New Role

According to the article, Valerie Szczepanik, who formerly headed the SEC’s distributed ledger working group, will now serve as assistant director of the Division of Corporation Finance as well as senior adviser for digital assets and innovation. Szczepanik will “coordinate efforts across all SEC Divisions and Offices on the applicability of U.S. securities laws to emerging digital asset technologies and innovations, including initial coin offerings and cryptocurrencies” in her new position.

In a statement, Szczepanik stated, “I am excited to take on this new role in support of the SEC’s efforts to address digital assets and innovation as it carries out its mission to facilitate capital formation, promote fair, orderly, and efficient markets, and protect investors, particularly Main Street investors.”

Shift in SEC Focus?

Until far, the SEC’s activity in the digital currency industry has been focused on suspected scams and frauds, notably in the area of initial coin offerings. Furthermore, the agency has worked to identify what it considers to be best practices for regulating a place that was designed to be independent and free of government involvement.

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It’s unclear if Szczepanik would prioritize current efforts or whether the SEC will look at new areas of government engagement in cryptocurrencies and related enterprises. SEC Chair Jay Clayton described digital currencies as a “dynamic field with both potential and danger,” adding that “Val is the appropriate person to manage our efforts” moving ahead.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the writer to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns bitcoin and ripple as of the day this post was published.

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