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The U.S. Securities and Exchange Commission will see another departure in January after Commissioner Jaime Lizárraga announced he will resign.
Bloomberg Law information that the former congressional aide has said he will leave the agency on January 17. The announcement comes just one day after SEC Chairman Gary Gensler announced his resignation effective January 20.
Lizárraga, Gensler and Caroline Crenshaw are the three Democratic commissioners among the five members of the SEC. The two departures will leave Crenshaw, Hester Peirce and Mark Uyeda; the latter two disagreed with several SEC decisions.
Notably, Lizárraga and Gensler will be out when Donald Trump, elected on November 5, takes office amid expectations of a pro-crypto White House. Reports that the Trump administration is considering a “cryptocurrency czar” have raised optimism, even as the industry debates who would be the best choice for SEC chairman.
Lizárraga joined the SEC in 2022 and his term will end in 2027. Lizárraga faced criticism for overreach, as his corporate reporting regulations burdened small businesses. He was also criticized for controversial policies that the market viewed as prioritizing politics over investors.
He says his resignation is due to family reasons.
“As we reflect on the challenges ahead, we have decided that it is best for our family to close this chapter in my 34-year history of public service,” he said in a statement cited by Bloomberg Law.
The cryptocurrency industry has largely criticized the SEC's approach over the past four years, pointing to what many see as an anti-crypto stance. Trump has pledged to fire Gensler immediately upon taking office, promising to end the current administration's “war on cryptocurrencies.”
