The U.S. President Donald J. Trump has nominated Allison Herre Lee as the U.S. Securities and Exchange Commission (SEC) fifth commissioner. The information was released by Trust Nodes in a recent report. This will clearly have a deep effect on Bitcoin and the crypto market.
Allison Herren Lee Becomes SEC Commissioner
There is a new SEC commissioner that will be working with the other four commissioners in different topics regarding the financial world. She will be getting the approval of the Congress in the near future and it is possible for her to play a swing role on many issues.
Before being selected SEC Commissioner, she spent 13 years at the SEC until she left in 2018 to work as Corporate Governance Consultant at Congress Part Consulting.
At the moment, there is not enough information about her and which is her position on important issues such as the approval of a Bitcoin Exchange Traded Fund (ETF). The SEC has rejected several Bitcoin ETF proposals made by different participants in the crypto market. The crypto space is expecting the regulatory agency to eventually approve a Bitcoin ETF in the future.
As reported by Trust Nodes, it is possible to suggest that she doesn’t like banks. This is something that could be positive for the crypto space. Crypto enthusiasts are usually against traditional financial institutions, including banks. However, this does not mean that she will be in favour of virtual currencies.
If she supports digital assets, she might be able to be aligned with Hester Peirce, also known as “crypto mom,” and Elad Roisman. Nonetheless, these are two Republican commissioners. At the same time, there are two other commissioners, Jay Clayton and Robert Jackson, both are usually against the approval of a Bitcoin ETF.
In this case, with commissioners that are divided into two clear groups, Lee will be playing a very important role in determining whether or not to approve a crypto ETF. At the moment, there are several proposals that are waiting to be approved by the regulatory agency. Most of the analysts believe that a cryptocurrency ETF could be approved as soon as in 2020 and that 2019 will be a transitioning year.
Now, the SEC will have to clarify its position on different issues, including the approval or disapproval of crypto ETFs.