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Commissioner Nominee Testifies before Senate Committee

In testimony before the Senate Banking Committee, the nominee for the SEC Commissioner spot recently vacated by Michael Piwowar, expressed confidence in the U.S. capital markets and the SEC's mission. Elad Roisman faced sharp questioning from Democrats, including Massachusetts Senator Elizabeth Warren on the SEC's proposed best interest rule, according to Investment News. Roisman has been senior counsel and securities counsel on the Senate Banking Committee, counsel to former Republican SEC Commissioner Daniel M. Gallagher, and worked in the legal department of NYSE Euronext and a private law firm. He outlined his priorities if confirmed and said: "the SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission." He emphasized the importance of areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain. Roisman still faces hearings with the full Senate.