The U.S. Securities and Exchange Commission (SEC) appointed Blockchain.com former executive Jamie Selway and senior investment lawyer Brian Daly to lead two core departments on June 13, which the market interprets as a sign that crypto regulations are about to become clearer.
Two Major Departments Add 'Crypto Genes'
According to the SEC press releases (2025-87, 2025-88), Jamie Selway will lead the Trading and Markets Division, and Brian Daly will head the Investment Management Division, both officially starting on July 8. These two departments are responsible for overseeing exchanges and establishing rules for mutual funds and ETFs, and are considered key pivots for crypto assets to interface with traditional finance.
Qualifications Aligned with Three Major Regulatory Pillars
Selway served as Global Head of Institutional Markets at Blockchain.com from 2018 to 2019, during which he participated in the Protego Trust digital asset custody solution; earlier, he was an executive director at ITG.
Brian Daly has long focused on investment regulations, serving as a partner at Akin Gump LLP responsible for hedge fund and ETF structures. SEC Chairman Paul Atkins recently proposed three major regulatory pillars of "issuance, custody, and trading," and the backgrounds of these two new directors precisely align with these three areas.
Congressional Legislation Delayed, Personnel Deployment Precedes
The House is still reviewing the CLARITY Act, attempting to delineate the responsibilities of the SEC and CFTC. Meanwhile, on June 12, the SEC withdrew an old proposal to include DeFi platforms in the definition of "exchanges," indicating that the regulatory direction is still being adjusted.
Analysts generally expect that after Selway and Daly take office, the SEC's review process for crypto exchanges and custody institutions will become more predictable. JPMorgan estimated on the 14th that once the regulatory route is established, the scale of U.S. crypto ETFs could exceed $20 billion within a year.
However, the Trump administration has yet to fill one SEC commissioner seat and three CFTC vacancies, leaving policy shifts with potential variables.
