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The Securities and Exchange Commission (SEC Chairman Paul Atkins appointed James Moloney to take charge of the institution’s corporate finance department on WednesdayThis influential department is responsible for reviewing IPO application documents and company information disclosure. Moloney, as a “senior person who supports cryptocurrency”, will become the new head of the department.
Moloney is currently a partner at Gibson, Dunn & Crutcher Law Firm, who worked at SEC from 1994 to 2000, focusing on the fields of mergers and acquisitions and financial reporting.
He will take up his new position next month to replace current acting director Cicely LaMothe, who will return to his original position as deputy director.
Moloney is about to take charge of the company’s finance department,Core responsibilities include reviewing company earnings reports, executive compensation disclosure, and monitoring company compliance with accounting standards.
In recent months, the department’s role in shaping SEC’s digital asset regulatory ideas has been further expanded, and relevant guidelines have been issued to clearly distinguish the regulatory boundaries between Memecoin, stablecoins and securities.
This position has trapped the SEC in a “jurisdiction dispute” with the U.S. Commodity Futures Trading Commission (CFTC), and the division of cryptocurrency regulation by the two agencies is still under discussion.In response, Moloney said he plans to promote wise, pragmatic and effective regulatory measures to reduce the burden of information disclosure on companies while ensuring investors obtain accurate information.
His appointment comes as the U.S. Congress considers the Clarity Act, which may transfer the main regulatory power of cryptocurrencies to the CFTC, but still requires the SEC and the CFTC to jointly formulate relevant rules.
Atkins appreciates Moloney’s return to the SEC,It is said that it has both SEC internal employment experience and private practice background as an important advantage.
“I look forward to working with Jim (i.e. Moloney), Cicely and other members of the company’s finance department to modernize and improve existing rules,” Atkins said.
The appointment highlights the increasing importance SEC attaches to cryptocurrency regulation, and regulators are currently facing pressure to clarify the regulatory rules for digital assets.
With Moloney taking office, the SEC’s finance department is expected to play a key role in formulating information disclosure requirements that will directly affect how listed companies disclose their cryptocurrency exposure, thereby shaping the compliance path of cryptocurrencies in the open market.
