Blockchain Firm Bitfury Hires SEC Commissioner

blockchain Bitfury SEC commissioner compliance cryptocurrency

Blockchain technology and development company Bitfury has hired a former SEC commissioner as part of a high-profile double hire to bolster its growth and compliance efforts.

Annette Nazareth, a former commissioner at the Securities and Exchange Commission, has been drafted onto the firm’s advisory board, bringing essential regulatory experience to the table.

At the same time, Bitfury has also secured Antoine Dresch, formerly of major Bitfury investor Korelya Capital, with a track record that also spans several different investment banks.

CEO Valery Vavilov welcomed the appointments, and the expertise they will bring to the company.

“Antoine’s years of experience in investment banking and mergers and acquisitions will be valuable assets as Bitfury continues to grow. Annette will serve in a different capacity; as a trusted adviser, she will help guide and support Bitfury by offering her comprehensive knowledge on financial markets and regulation.”

The appointment of Nazareth in particular is significant, given the SEC’s increasing scrutiny over cryptocurrency and blockchain firms this year.

In recent months, the SEC has been interpreting securities laws liberally, and deeming some initial coin offerings and crypto tokens to be “securities” within current legal definitions.

As a result, the regulator has brought enforcement action against a number of ICOs and cryptocurrencies found to be in breach of these laws, on the grounds that they have been offered or sold as unregulated securities by unregulated parties.

With a former commissioner from the regulator now on board in an advisory capacity, Bitfury will have access to critical compliance insights and understanding as it charts its next phase of growth.

According to a Bitfury media release, Nazareth will advise the board on regulatory advancements and financial markets, drawing on her experience with the SEC.

“She is an experienced financial markets regulator and recognized authority on regulatory issues. As SEC commissioner, she worked on numerous groundbreaking initiatives, including execution-quality disclosure rules, implementation of equities decimal pricing, short sale reforms, corporate debt transparency rules and modernization of the national market system.”

The appointment comes amid a climate of tightening regulation for cryptocurrency businesses, welcomed by many in the industry as a precursor to mainstream adoption.