Bankless Inside Gary Gensler’s SEC: A Conversation with Former Crypto Policy Advisor Corey Frayer
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Dec 8, 2025 
Corey Frayer, former senior crypto policy advisor to SEC Chair Gary Gensler, dives into the inner workings of the SEC during a pivotal time for crypto regulation. He discusses the agency's shifting focus from tokens to centralized platforms like Coinbase and Kraken, and defends the SEC's role in investor protection. With insights on DeFi, the Howey test, and the challenges of regulatory clarity, Corey emphasizes the need for structured oversight and critiques industry perceptions of a regulatory attack. His balanced stance offers a deep understanding of crypto policy dynamics.
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Crypto's Tech Versus Its Business Model
- Corey Frayer respects crypto technology but criticizes how it morphed into traditional finance structures.
- He argues those structures lose the peer-to-peer justification for special treatment under securities law.
Platform-Focused Enforcement Strategy
- The SEC prioritized platform-level compliance over chasing each token individually.
- They believed getting exchanges to register would create a safer, competitive advantage and draw others in.
Separate Verticals To Register Successfully
- Companies could meet regulators by explaining technical gaps in rules that prevent registration.
- Separate vertically integrated businesses if you want to comply with securities law; the SEC treated that as a red line.