Elad Roisman Named Acting Chairman of SEC

Elad Roisman has been appointed the acting chairman of the SEC, according to a tweet from Hester Pierce, commissioner of the SEC.

The news follows the resignation of former SEC chairman Jay Clayton yesterday. Clayton held the post for over three years.

Roisman joined the SEC in 2018, coming from the US Senate Committee on Banking, Housing, and Urban Affairs. In that role, he advised Committee chairmen on issues surrounding securities, financial regulation and international financial matters. He has also played a role in drafting laws that relate to economic growth and consumer protection.

That background will no doubt be tested as he inherits a major regulatory battle between the SEC and Ripple, the company behind XRP.

Roisman, however, only has until President-elect Joe Biden's inauguration on January 20 to make his mark. Biden will likely hand Roisman's position off to someone else after he takes office

In the interim, we can gain some idea of Roisman’s crypto stance. Speaking of crypto in 2018, he reportedly said the SEC should “approach these new challenges in a fair and transparent manner,” adding the need to “examine and re-examine its rules, regulations, and guidelines,” in order to adapt to a new and evolving market. 

What that means for XRP remains to be seen.