US SEC Commissioner Jaime Lizárraga Announces Departure Amid Trump Transition

SEC Commissioner Jaime Lizárraga introduced his resolution to step down on January 17, 2025, because the Donald Trump administration prepares to imagine workplace. Appointed as a Democrat in 2022, Lizárraga cited private causes for his departure, particularly his dedication to supporting his household as his spouse battles breast most cancers. His resignation will depart the US SEC with a single Democratic Commissioner, Caroline Crenshaw, working alongside two Republican members, Hester Peirce and Mark Uyeda.

US SEC Faces Management Shift as Commissioner Lizárraga Steps Down

In line with a recent filing, SEC Commissioner Jaime Lizárraga will formally step down from his function on the US SEC on January 17, 2025. His resolution comes because the Trump administration gears as much as assume workplace three days later.

This marks a shift in management inside the fee as Gary Gensler is set to step down as US SEC Chair on January 20, 2025, coinciding with Donald Trump’s inauguration. His resignation follows requires his removing, together with Trump’s promise to dismiss him on his first day in workplace.

Lizárraga, recognized for advancing company reporting on local weather threat and knowledge breaches, cited his spouse’s battle with breast most cancers as the rationale for stepping down. He emphasised have to prioritize his household throughout this crucial time.

Jaime Lizárraga said,

“For the higher a part of this yr, my spouse, Kelly, has confronted severe sickness with admirable braveness and a powerful spirit. In reflecting on the challenges that lie forward, we now have determined that it’s in the most effective pursuits of our household to shut this chapter in my 34-year public service journey.”

Lizárraga’s departure leaves the Securities and Alternate Fee with only one Democratic Commissioner, Caroline Crenshaw. The 2 remaining Republican members are Hester Peirce and Mark Uyeda. This shift will alter the fee’s political steadiness and spark potential challenges in advancing or overturning regulatory measures.

With a three-member fee, the fee’s quorum guidelines mandate full participation to undertake or amend laws except there’s a formal recusal or disqualification.

Hypothesis Builds Across the Subsequent Fee Chair

With the departure of each Chair Gary Gensler and SEC Commissioner Jaime Lizárraga, discussions concerning the subsequent US SEC Chair have intensified. Names into account embrace Robert Stebbins, a companion at Willkie Farr; former Commissioner Paul Atkins; and Teresa Goody Guillén, a companion at BakerHostetler and a former litigation counsel for the fee.

The brand new Chair is anticipated to reshape the crypto regulatory panorama and different urgent monetary issues. Because the Trump administration ushers in new appointments, the main target might be on implementing balanced and innovation-friendly insurance policies.

In the meantime, the Blockchain Association has urged the incoming authorities to handle crucial points in cryptocurrency regulation. The affiliation outlined 5 main priorities, together with establishing a transparent and complete regulatory framework for digital property, implementing stablecoin laws, and ending the debanking of cryptocurrency corporations.

The affiliation additionally proposed the formation of a Crypto Advisory Council to information coverage choices and improve collaboration between regulators and trade stakeholders. A latest CoinGape report revealed that the crypto advisory council will assist create a strategic Bitcoin reserve.