After Gary Gensler, the chairman of Securities and Exchange Commission announced that he will be stepping down from his position on Tuesday Resignation After Donald Trump’s inauguration as President, a fifth Democrat of the five member Commission has announced that he will also be stepping down.
Jaime Lizárraga, who has served as an SEC commissioner since 2022, said today that he will step down from his role on January 17, 2025, and has already informed President Joe Biden of those plans. Gensler will depart on the 20th of January, three days after Gensler.
Lizárraga, whose term would have otherwise lasted until 2027, said the decision to step down was primarily motivated by his wife’s serious illness.
The SEC is likely to lose yet another member as a result of this development supporter Gensler aggressive crypto agendaAlso, its effect is limited. By the SEC. DesignThe’s does not permit more than three out of five members to be from the same party.
Hence, although only Caroline Crenshaw appears to be likely to stay in her position once Trump retakes control of the White House as president, the President-elect must appoint a new Democrat to the Agency’s non-Republican vacant spot.
Trump did this in the past. In his first year, Trump appointed Allison Lee to fill a vacancy in the Democratic Commission.
The SEC only needs a vote from three of its commissioners for it to act on major issues. And the Republican President-elect is sure to have at least three of his party members on the Commission next year.
The largest outstanding question regarding Trump’s SEC will be who he appoints as the financial regulator’s chair—a crucial role that will shape the agency’s approach to hot-button issues including crypto.
Trump Shared Some in the crypto industry expressed the hope that a member of the SEC would be able to achieve this.
Robinhood’s Chief legal officer, Dan Gallagher was one of the leading crypto-friendly candidates for SEC chairman on Friday. He was withdrawing from the consideration of his name for the position.
The position is also being sought by Brian BrooksThe two Republicans currently on the SEC include the former CEO and comptroller for Binance.US, as well as the current Republican members. Hester Peirce The following are some examples of how to get started: Mark Uyeda.
Andrew Hayward edited the book