The SEC Welcomes New Director of Media Relations and Speechwriting
The Securities and Exchange Commission (SEC) has announced the appointment of Stephanie Allen as its director of media relations and speechwriting. Although effective since October 1, the announcement was made public on Wednesday. Allen has been working closely with SEC Chair Gary Gensler since March 2023, serving as director of speechwriting and senior adviser. Prior to her role at the SEC, Allen worked at the Commodity Futures Trading Commission (CFTC) and served as executive director of the Ludwig Institute for Shared Economic Prosperity. However, her previous position as national press secretary for Senator Bob Casey raises concerns about the SEC’s stance on digital assets.
Senator Bob Casey’s Stand on Digital Assets
In August, Senator Casey joined three other lawmakers in signing a letter addressed to US Treasury Secretary Janet Yellen. The letter requested information on the Treasury Department’s progress in implementing new reporting requirements to address a $1 trillion tax gap in the US. The senators attributed underreported or unreported income to various factors, with cryptocurrency being identified as a major contributor. They called for measures to combat tax evasion in the cryptocurrency ecosystem and ensure accurate reporting of crypto earnings by taxpayers.
Implications for Crypto Regulation
Stephanie Allen’s past association with Senator Casey, along with her close working relationship with SEC Chair Gary Gensler, suggests that the SEC’s regulatory approach towards cryptocurrencies is unlikely to change. Gensler has been critical of the crypto industry, describing it as “rife with fraud” and intensifying the SEC’s crackdown on digital innovation. With Allen now leading media relations and speechwriting at the SEC, it remains to be seen how her appointment will impact the agency’s stance on crypto-related matters.
Hot Take: SEC Continues Crypto-Skeptic Approach with New Appointment
The appointment of Stephanie Allen as the SEC’s director of media relations and speechwriting raises concerns for the cryptocurrency industry. With her previous role as national press secretary for Senator Bob Casey, who has shown support for stricter regulations on digital assets, and her close ties to SEC Chair Gary Gensler, known for his critical views on cryptocurrencies, it seems unlikely that the SEC’s hostility towards the industry will change. This appointment reinforces the need for the crypto sector to find allies in influential positions to foster a more favorable regulatory environment.
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