SEC Appoints Cryptocurrency Supervisory Advisor

The current year increasingly confirms the title of the year of regulation of the cryptocurrency market. At least this is the case for the SEC, which first created a working group on cryptocurrencies and is now appointing an advisor to oversee cryptocurrencies, as a logical extension.

No sooner had the outcry from the initiation of more than 70 investigations into fraudulent ICOs and a series of statements by SEC Chairman Jay Clayton that he would recommend taking steps to “tighten the screws” in relation to ICOs and digital tokens in general, a new initiative followed. The senior advisor's competencies include coordinating the work of all SEC departments and agencies in the application of US securities laws in relation to new digital technologies and innovations, including ICOs and cryptocurrencies. 

Valerie Szczepanik received the appointment. This appointment looks like an absolutely logical continuation of the career of Ms. Szczepanik, who previously led the SEC working group on distributed registry technology.  The SEC intends to use Valerie's previously acquired experience and knowledge to make a final decision regarding the cryptocurrency space. The Commission expects that the new position will help coordinate efforts and dot the i's and either bring the adoption of regulatory measures closer, or lead to a revision of existing ones.

Valerie Szczepanik herself is confident that investor protection should come first. In the near future, the new adviser will have to make key decisions in determining the regulatory parameters of digital assets. 

Despite the fact that the largest venture companies have asked the SEC to not regulate transactions with digital tokens, fearing that government regulation could stifle innovation in the development of cryptocurrency areas, it seems the commission is not going to give up on bringing order to the cryptocurrency industry.