Commissioner Jaime Lizárraga of the Securities and Exchange Commission will step down on January 17th, three days before incoming US President Donald Trump’s inauguration. 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’s battling breast cancer.
Lizárraga’s announcement comes days after SEC Chairman Gary Gensler announced on Twitter/X that he’s stepping down this January 20th, in time for Trump’s second inauguration.
Lizárraga’s departure will leave just one Democrat on the agency when Trump starts his second administration.
🚨NEW: @SECGov Chair @GaryGensler has released a statement about Commissioner Lizárraga following the news of his departure:
“Jaime Lizárraga has been such a dedicated public servant focused on the interests of working families for more than three decades. I’ve had the… https://t.co/faqFYaDaJF
— Eleanor Terrett (@EleanorTerrett) November 22, 2024
Lizárraga Cites Personal Reasons Over Departure
Lizárraga confirmed his plans to leave the agency in a Bloomberg Law interview on Friday. The commissioner shared that he’s planning to spend more time with family, particularly his wife, Kelly.
In the same interview, he shared that he reflected on his decision and the challenges ahead and decided to favor his family. Lizárraga was a former aide of Rep. Nancy Pelosi of California and joined the agency in 2022, with his term expiring in 2027.
During his stay at SEC, Lizárraga advocated for corporate responsibility and reporting on climate risks and data breaches. He further shared that he’ll remain committed to his work at the agency until his last day in office.
SEC Commissioner Jaime Lizárraga. Image: Samuel Corum/Bloomberg
A Republican-Led SEC To Start Trump’s 2nd Administration
The regulatory body has five commissioners appointed by the president with the permission and advice of the Senate. Three commissioners are Democrats, including Chairman Gensler, Lizárraga, and Caroline Crenshaw.
SEC Commissioner Jaime Lizárraga intends to step down on Jan. 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, Peirce and Uyeda have offered dissenting voices in various SEC decisions.
With President Donald Trump taking office, many expect the agency to adopt crypto-friendly policies and rules. With Gensler and Lizárraga leaving by January, the cryptocurrency industry can potentially welcome a friendlier industry.
No Confirmation Yet On New Chair, Commissioners
The SEC has received much criticism over its aggressive regulation and implementation these past few months. Trump has promised to remove Gensler from his post once he wins and pledges to stop the aggressive attacks on cryptocurrencies.
Also, Trump hasn’t announced the replacement for Gensler and Lizárraga. Plenty of top-caliber names, including former commissioner Paul Atkins and Robert Stebbins, have been floated recently to take these positions. Dan Gallagher is another name floated by some, but he has stated that he’s not interested in leading the office.
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