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Commissioner Allison Lee announces his departure from the SEC

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Securities and Exchange Commissioner Allison Herren Lee announced that she will step down at the end of her term in June.

In an announcement Tuesday, Lee speak that she will remain in the role until her successor has been confirmed. The SEC commissioner has spent less than three years in his current position, sworn in in 2019 to serve the remainder of his five-year term, which expires in June.

With her departure, Lee, a Democrat replacing former commissioner Kara Stein, will create a second SEC vacancy, with another left open by Republican Elad Roisman, Who announced he was leaving? in January. Commissioner Hester Peirce, known to many in the space as “Crypto Mom,” is currently the only Republican on the five-member committee. By la, no more than three members of the committee may belong to the same party.

Lee worked at the SEC for more than a decade prior to his appointment, serving as an advisor to his predecessor and as a senior advisor to the complex financial instruments unit before becoming a commissioner. She was the powerful chairwoman of the SEC from January to April 2021, after which time Gary Gensler was confirmed as the regulator’s exec.

Changes in the composition of the SEC could have a direct impact on the crypto industry. The Gensler Committee has been very active in enforcement activities in the industry. Lee discuss Peirce last year at a conference at Georgetown University, where she argued for maintaining the application of existing standards for cryptocurrencies:

“I think we have to grow with the change of technology, but I don’t think that means we change our principles or stray from our mission, which I think has worked. good performance for decades,”

Lee too stated in a speech to the Law Institute of Practice earlier this month that “we have seen an entirely new, trillion-dollar industry develop around cryptocurrencies and digital assets that large regardless of applicable laws and regulations.”

Lee is noted for her support of the climate, she joined the SEC from the energy industry. According to the New York Times, Lee will take promoted to visiting professor in Italy after she left the SEC.