Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how Jaime Lizárraga will be following Gary Gensler in departing the SEC in the new year.
Jaime Lizárraga and Gary Gensler Gone
The Securities and Exchange Commission (SEC) has recent seen the resignation of its 33rd Chair, Gary Gensler. The current Chair announced he would step down from the Commission effective at 12:00 pm on January 20, 2025, which will coincide with Trump taking over as President. Gensler has held the position since April 17, 2021. During his tenure the SEC took a strong stance against cryptocurrency, but it is expected to take a different narrative once Trump appoints a new Chair.
Not only has Gensler announced he will be leaving, but as one of the SEC's top leads, Jaime Lizárraga, has also announced he plans to leave the agency early next year. Lizárraga was one of three Democratic commissioners at the SEC and he has informed current President Joe Biden of his decision to spend more time with his family and his wife, who is fighting breast cancer. He stated:
"For the better part of this year, my wife, Kelly, has confronted serious illness with admirable courage and a strong spirit. We are grateful for the support of colleagues, friends and family and are hopeful for her speedy and full recovery in the ensuing months."
This departure means Commissioner Caroline Crenshaw will be the sole Democrat leading the SEC, although her term has already expired, putting her into an extension that can last as long as about 18 months. While Lizárraga was not particularly vocal about the crypto industry, he did comment on the sector during his time at the SEC. Back in 2022 during a speech he argued that there was a "significant lack of transparency in the digital asset market." This came just days after the cryptocurrency exchange FTX filed for bankruptcy and had caused a significant market crash. He stated:
"Digital asset values are highly volatile. Events this past week and even today, and the recent 2022 crypto winter, revealed how volatile the digital asset market can be."
If Trump appoints one of the sitting Republican commissioners as an acting chair, which many assume will be Mark Uyeda, then the new commission chief is expected to begin shifting policy priorities and the agency's legal stance on crypto. Who Trump picks to fill out the rest of the commission will be interesting, but Uyeda and another Republican Hester Peirce will have the majority ruling going forward and running the agenda of the agency.
Have a great day.
Peace. CryptoGod-1.
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