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Tuesday, September 27, 2022

Allison Lee, The Commissioner, Departures From The SEC

Allison Lee has decided to leave the SEC soon. As a commissioner, if she leaves, it will create two vacancies, thus, she decided to stay as long as her successor does not take control of the office. 

Impact Of Allison Lee’s Departure From The SEC

Allison Lee is the Commissioner of Securities and Exchange in the U.S. and has declared that she will leave her post in June. She is waiting for her five-year tenure to end in June which started in 2019. Allison Lee will continue to work as the commissioner until her successor is confirmed. 

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Allison Lee is a Democrat and she came to the post replacing Kara Stein. Her departure will create two vacancies as Elad Roisman, the Republican, also decided to leave the SEC in January. In the commission that must have five members, Hester Peirce also known as ‘Crypto Mom’ is the only Republican. As the rule prevails, the commission cannot have more than three members from the same party. 

Allison Lee has been serving the SEC for more than ten years before being a commissioner. She served the position of counsel of her predecessor and also the senior counsel of the financial instruments unit. She was also appointed as the acting chair of SEC from the month of January to April in 2021 and later on Gary Gensler got the position of the head in the regulatory body. 

The industry of cryptocurrency can have some changes after the departure of the two commissioners from the SEC. Under the leadership of Gensler, the commission has been active in several activities of enforcement in the crypto industry. Allison Lee debated with Peirce at the Georgetown University conference that though the industry must change and evolve with the advancement in technology, still it should not change its principles and mission. As per her views, the mission of the SEC worked well in the past and will also give the same results in the future.

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