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Thursday, October 6, 2022

Allison Lee Has Now Departed, Paving The Way For Jaime Lizarraga

One of the five members present on the board of the United States Securities and Exchange Commission, Allison Lee, has left the regulatory body.

She resigned after more than three consecutive years as the commissioner of the SEC. In an announcement that was made on Friday, chair Gary Gensler and commissioners Mark Uyeda, Hester Peirce, and Caroline Crenshaw, it was stated that Lee had left the SEC- where she started as a staff attorney at the enforcement division of the agency in Denver back in 2005. She then moved on and was appointed as a commissioner in 2019 under the former Presidential administration. Soon, she was the acting chair of the regulatory body for close to three months until the confirmation from Gary Gensler in April 2021. 

Allison Lee Has Resigned As Commissioner Of The SEC

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Allison Lee had first spoken about her departure from the SEC back in March, with the POTUS nominating her replacement Jaime Lizarraga- who was a staffer from Nancy Pelosi- the House Speaker. The senate then went on to confirm the nomination of Lizarraga on the 16th of June for the term at the SEC which would be ending by 2027. Under her tenure, Lee had stated that the commission definitely needed to change its mindset with the change in technology- especially when it came to crypto regulation. She believed that the government body would also have to maintain the principles that it was founded upon. 

The SEC along with the Commodity Futures Trading Commission and Financial Crimes Enforcement Network under Allison Lee handles most of the digital asset regulation in the United States. Nevertheless, it is still pretty unclear what the departure of Lee along with the addition of Lizarraga would bring to the table in terms of regulation. 

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