Elad Roisman will take over as chairman of the United States Securities and Exchange Commission with immediate effect, according to Commissioner Hester Peirce.
Peirce broke the news on Twitter Thursday morning, where she Congratulations Roisman for his appointment.
Congratulations, President Roisman! I look forward to your leadership of the SEC.
– Hester Peirce (@HesterPeirce) December 24, 2020
Both Republican commissioners, Peirce and Roisman, were the leading candidates to replace Jay Clayton as president.
Clayton resigned his position Wednesday in a statement sent on the SEC’s website. The move was widely anticipated as Clayton had previously indicated his desire to leave the agency before the end of the year.
CrossTower co-founder and president Kristin Boggiano suggested that “As acting interim president, Roisman is likely to serve until President-elect Joe Biden appoints his own acting president of the SEC. Roisman is unlikely to launch an ETF soon, however, as there is a clear spread of BTC, the chances of the SEC approving an ETF are higher. My guess is that BTC will have a clear asset class status in 2021 and The SEC will be more likely to approve an ETF. “
Roisman was appointed commissioner of the SEC in 2018. Prior to his appointment, he served as senior adviser to the U.S. Senate Committee on Banking, Housing and Urban Affairs.
According to to Bloomberg, President-elect Joe Biden will choose a permanent successor to Clayton, meaning Roisman’s position may be temporary.
This story will be updated.