SEC Commissioner Jaime Lizárraga To Step Down Amid Chair Gary Gensler’s Resignation  

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 21, 2024

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United States Securities and Exchange Commissioner Jaime Lizárraga is stepping down from the federal agency following the resignation of SEC Chair Gary Gensler earlier this week.

Jaime Lizárraga Steps Down From Federal Agency

According to Bloomberg, Lizárraga is stepping aside from his duties to be with his family as his wife battles breast cancer.

With the announcement, Lizárraga —whose term was slated to run through 2027—ends a career that has lasted over thirty years.

“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,” Lizárraga told Bloomberg. “Until my departure in January, I will remain fully engaged in the Commission’s ongoing work and activities.”

SEC Chair Gary Gensler Resigns Following Trump Election

The longstanding commissioner’s retirement follows Gensler’s decision to resign from the agency ahead of President-elect Donald Trump’s inauguration on January 20.

Trump previously pledged to fire Gensler upon returning to the Oval Office, citing his regulation-by-enforcement approach to the blockchain sector as a whole.,

“The Securities and Exchange Commission is a remarkable agency,” Gensler wrote in a farewell press release. “It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”

With both Lizárraga and Gensler stepping down from their roles, the SEC’s remaining commissioners consist of Republicans Hester Peirce and Mark Uyeda as well as sole Democrat Caroline Crenshaw.

With Crenshaw’s term also effectively up, Trump will now have more say than ever over the commission’s direction.

Trump has made several headline-grabbing choices when it comes to appointing his cabinet so far, including Fox News host Pete Hegseth as defense secretary, WWE co-founder Linda McMahon as education secretary, and former third party candidate Robert F. Kennedy Jr. as Department of Health and Human Services secretary.

Most recently, the New York-born businessman selected pro-bitcoin Cantor Fitzgerald CEO Howard Lutnick to lead the Department of Commerce. At the same time, crypto proponents Vivek Ramaswamy and Elon Musk developed the Department of Governmental Efficiency (DOGE).

While Trump has yet to make clear who exactly he will pick to run the SEC, all odds point to a more digital asset-friendly commission in the near future.