The U.S. Securities and Exchange Commission (SEC) has made public four senior appointments, two of whom come with a rich background in digital assets. This move signals a warmer stance towards cryptocurrencies under the leadership of Chairman Paul Atkins.
On June 17, Jamie Selway will take up the position of Director of the Division of Trading and Markets while Brian T. Daly will assume the Director of the Division of Investment Management role from July 8.
Selway, formerly a partner at Sophron Advisors, provided advisory services on capital market issues. He has also acted as an advisor to numerous fintech companies and held the position of global head of institutional markets at Blockchain from 2018 to 2019, as per his LinkedIn profile.
In a press release, Selway expressed his gratitude to Chairman Atkins, stating, “Chairman Atkins is heralding a ‘new day’ at the SEC. I am grateful to him for choosing me to lead Trading and Markets at this crucial and exciting juncture. Together, we will advance the SEC’s mission and foster innovation, for the benefit of our country’s investors.”
Daly has expertise in digital assets, cryptocurrency, blockchain, and traditional financial services, including hedge and credit funds, as per his official biography. He joins the SEC from Akin Gump Strauss Hauer & Feld LLP, where he was a partner in the firm’s investment management practice.
Daly made headlines for his comments on the SEC’s decision to overturn a Biden administration directive, SAB 121, which required banks to regard digital assets held for clients as liabilities on their balance sheets. He noted that this outdated rule “prevented all the trustworthy banks, broker-dealers, and financial intermediaries from being crypto custodians,” a service crucial for financial institutions offering crypto services to customers.
“I am upbeat about this fresh start at the SEC and eager to collaborate with Chairman Atkins and my new colleagues to ensure regulatory compliance by investment advisors and fund managers, while tailoring rulemakings within our statutory authority,” Daly said.
On the same day, the SEC also announced the return of Erik Hotmire as chief external affairs officer and the appointment of Kurt Hohl as chief accountant.
Paul Atkins took oath as the new chairman of the agency on April 22, promising a more receptive approach to digital assets. This came three months after former chair Gary Gensler vacated the post.
In March, the inaugural crypto task force roundtable was held by the agency to discuss the future regulation of digital assets.
A16z crypto General Counsel Miles Jennings criticized the previous administration’s approach to the industry, claiming that it failed to achieve any of the SEC’s objectives. He said, “It did not lead to investor protection, it did not lead to capital formation and it did not lead to efficient markets.”
