A second official from the United States Securities and Exchange Commission has announced an upcoming departure, further reshaping the agency’s future direction.
According to a Nov. 22 announcement, SEC Commissioner Jaime Lizárraga will step down from his position on Jan. 17, less than three years after being sworn into office. Lizárraga’s resignation was motivated by a desire to spend more time with his wife, who is reportedly battling cancer.
His career began at the SEC in the 1990s as a deputy director of legislative affairs. Lizárraga then served as a senior adviser to House Speaker Nancy Pelosi from January 2011 to July 2022, playing a key role in financial legislative initiatives, including the Dodd-Frank Wall Street Reform and Consumer Protection Act.
As a commissioner, Lizárraga was involved in regulatory efforts around climate-related risk disclosures along with cybersecurity and data breach disclosures.
SEC Commissioner Jaime Lizárraga. Source: US SEC
Lizárraga’s departure comes on the heels of SEC Chair Gary Gensler’s upcoming leave, disclosed on Nov. 21. His exit renders the commission with a diminished Democratic presence as President-elect Donald Trump prepares to assume office in January.
Related: Trump mulls tapping crypto-friendly CFTC chair
SEC’s new chapter
These significant shifts in the SEC’s leadership suggest that the agency is likely to enter a new era, perhaps adopting a fresh perspective on key regulatory matters, such as digital assets.
Gensler’s term at the SEC was marked by scrutiny of the crypto industry and rigorous oversight, primarily through enforcement actions.
In July, during a speech at the Bitcoin Conference in Nashville, Tennessee, Trump vowed to “fire” Gensler on day one if elected president in a bid to garner crypto voters. Under new leadership at both the White House and the SEC, the industry anticipates a friendlier regulatory environment in the US.
Financial firms had already taken action in response to these prospects. The same day Gensler announced his departure, the Chicago Board Options Exchange’s BZX Exchange submitted four 19b-4 filings for asset managers to list spot Solana (SOL) exchange-traded funds, including offerings from Bitwise, VanEck, 21Shares and Canary Capital.
Related: Gary Gensler is leaving the SEC, but replacement will face scrutiny