After Commissioner Jaime Lizárraga announced his resignation, the U.S. Securities and Exchange Commission will see another departure in January.
According to Bloomberg Law, the former congressional aide said he would depart the agency on January 17.
Only one day has passed since SEC Chair Gary Gensler announced his resignation, which will take effect on January 20.
Of the five commissioners on the SEC, Lizárraga, Gensler, and Caroline Crenshaw are the three Democrats. Crenshaw, Hester Peirce, and Mark Uyeda will be left behind after the two departures; the latter two have disagreed with several SEC rulings.
Interestingly, Gensler and Lizárraga will step down as Donald Trump, elected on November 5, becomes office amid predictions of a pro-crypto White House.
Despite the industry’s ongoing dispute about the ideal candidate for SEC Chair, reports that the Trump administration is considering a “crypto czar” have increased hope. Lizárraga began working for the SEC in 2022 and left in 2027.
Lizárraga’s corporate reporting rules burdened small enterprises, drawing criticism for his overreach. His contentious policies, which the market perceived as putting politics ahead of investors, also drew criticism. He claims that family matters are the basis for his departure.
“In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey,” he said in a statement quoted by Bloomberg Law.
Over the past four years, the crypto industry has heavily criticized the SEC’s approach, which points to what many perceive to be an anti-crypto posture.
In an effort to put an end to the current administration’s “war on crypto,” Trump has promised to dismiss Gensler as soon as he takes office.
