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Dan Berkovitz, one of the commissioners serving with the United States Commodity Futures Trading Commission (CFTC) has been named as the incoming General Counsel for the Securities and Exchange Commission (SEC). According to the latest press release published by the SEC, Berkovitz’s term will commence on November 1, and he will succeed John Coates in the role.
The Federal market regulator highlighted that Michael Conley, currently the SEC’s Solicitor, will serve as Acting General Counsel upon Coates’s departure until Berkovitz joins the agency.
The SEC as well as the CFTC are transitioning fully with top executive departures underway to help assemble the best heads for the American markets. While each executive’s antecedents in various market niches are crucial to bring a robust and encompassing regulation across the board, the cryptocurrency ecosystem has more to gain should the regulators onboard those willing to step into the lagging regulatory struggles the industry is facing.
Berkovitz has a somewhat positive relationship with Congress as the US Senate unanimously approved his nomination to serve the CFTC back in 2018. The veteran brings many years of experience to serve the American market and people.
“I am honored to join the SEC at this critical time for our capital markets,” Berkovitz said. “Having worked with the SEC in my roles at the CFTC, I’ve long admired the dedicated and talented staff of the agency from afar. I’m excited to work again with Chair Gensler on a regulatory agenda that will enhance investor protection, strengthen our capital markets, and facilitate capital formation.”
Positive Icon for the Cryptocurrency Ecosystem?
The ascension of Berkovitz is timed at a period where Chairman Gary Gensler has reiterated his desire to bring sweeping regulation on the nascent industry. While his stance on the crypto ecosystem is still unclear, Berkovitz appeared sympathetic with BitMEX who was fined $100 million by the duo of the CFTC and Financial Crimes Enforcement Network (FinCEN), calling the sanction “aggressive” earlier this month.
According to Gensler, Berkovitz has helped “navigated the CFTC through dozens of rulemakings to enhance regulatory oversight of the swaps markets, and he has remained a steadfast public servant as a Commissioner. He will be invaluable in our work at the SEC.”
The apparent willingness to work together may bring new lights and regulations to all markets, particularly the crypto industry.
