Commissioner Jaime Lizarraga will step down from the Securities and Exchange Commission on January 17, three days before the inauguration of new US President Donald Trump. In an interview with Bloomberg Law, the former congressional aide said he plans to leave the SEC to spend more time with his family and attend to the needs of his wife, who is battling breast cancer.
Lizárraga’s announcement comes days after SEC Chairman Gary Gensler announced on Twitter/X that he would step down from his position on January 20, in time for Trump’s second inauguration.
Lizarraga’s departure It will leave just one Democrat in the agency when Trump begins his second administration.
🚨New: @SECGov chair @Gary Gensler He released a statement about Commissioner Lizárraga following news of his departure:
“Jaime Lizarraga has been a dedicated public servant focused on the interests of working families for more than three decades. I have… https://t.co/faqFYaDaJF
– Eleanor Terret (@EleanorTerrett) November 22, 2024
Lizárraga quotes personal reasons behind leaving
Lizárraga confirmed his plans for this Leave the agency In an interview with Bloomberg Law on Friday. The commissioner said he plans to spend more time with family, especially his wife, Kelly.
In the same interview, he said that he thought about his decision and the challenges that awaited him and decided to prefer his family. A former aide to Rep. Nancy Pelosi of California, Lizarraga joined the agency in 2022, and his term ends in 2027.
During his stay at the SEC, Lizarraga advocated for corporate responsibility and reporting on climate risks and data breaches. He also added that he will remain committed to his work at the agency until his last day in office.
SEC Commissioner Jaime Lizárraga. Image: Samuel Corum/Bloomberg
Republican-led Securities and Exchange Commission to begin second Trump administration
The regulatory body includes five commissioners appointed by the President with the permission and advice of the Senate. Three commissioners are Democrats, including Chairman Gensler, Lizarraga, and Carolyn Crenshaw.
Securities and Exchange Commission Commissioner Jaime Lizarraga plans to step down on January 17, leaving just one Democrat on the commission when President-elect Donald Trump returns to office.https://t.co/4ldjA8rEkR
– Bloomberg Law (BLaw) November 23, 2024
With Lizárraga and Gensler announcing their departures this week, only Crenshaw, Hester Peirce and Mark Uyeda remain. Interestingly, Pierce and Ueda have offered dissenting votes in several SEC decisions.
With President Donald Trump taking office, many expect the agency to adopt cryptocurrency-friendly policies and rules. With Gensler and Lizarraga leaving by January, the cryptocurrency industry will likely welcome a friendlier industry.
There is no confirmation yet on the new president and commissioners
The Securities and Exchange Commission (SEC) has received a lot of criticism over its strict regulation and enforcement over the past few months. Trump has promised to remove Gensler from his position once he wins and pledged to stop aggressive attacks on cryptocurrencies.
Trump also has not announced a replacement for Gensler and Lizarraga. Several high-caliber names, including former Commissioner Paul Atkins and Robert Stebbins, have recently been put forward for these positions. Dan Gallagher is another name that some have floated, but he has stated that he is not interested in leading the office.
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