Following President-elect Donald Trump’s victory on November 5, optimism has surged within the cryptocurrency market, reflected in a notable price uptrend over the past two weeks.
This rise is largely attributed to Trump’s campaign promises, which included a commitment to dismiss the current chair of the US Securities and Exchange Commission (SEC), Gary Gensler, on the first day of his administration.
However, with Gensler’s resignation now scheduled for January 20—coinciding with the presidential inauguration—another SEC Commissioner, Jaime Lizarraga, has also announced his departure, further signaling a significant shift within the agency.
SEC Commissioner Jaime Lizarraga Resigns
In his official resignation statement, Lizarraga revealed that he would step down from his role effective January 17, 2025, citing family health challenges as a primary reason for his decision.
The Commissioner expressed gratitude for the support he received during his tenure and emphasized “the honor he felt serving as an SEC Commissioner.” In his message, Lizarraga acknowledged the importance of prioritizing family during difficult times, particularly as his wife, Kelly, faces serious health issues.
Gensler, who will remain in charge of the SEC until Inauguration Day, praised Lizarraga for his commitment to public service and his advocacy for everyday Americans.
Gensler highlighted their collaborative efforts during key reforms following the 2008 financial crisis and expressed his best wishes for Lizarraga and his family. He stated:
In each phase of his career, he has been steadfastly focused on elevating the interest of everyday Americans. At the SEC, he has been an excellent partner in our work to protect investors, facilitate capital formation, and ensure markets work for investors and issuers alike. Jaime has been a wonderful colleague but more than that, a friend. I wish Kelly, Jaime, and their entire family the very best
‘Make The SEC Great Again, Make Crypto Great Again’
Amid these leadership changes, Teresa Goody Guillén, a leading candidate to succeed Gensler, has articulated her vision for the SEC’s role in the cryptocurrency landscape.
In a recent social media post, she declared, “Make The SEC Great Again. Make Crypto Great Again.” Goody, who is an attorney and co-leader of BakerHostetler’s blockchain team, emphasized the need for transformative change under Trump’s administration, asserting that the SEC must restore trust, engage proactively with the crypto industry, and move away from a regulatory framework characterized by enforcement actions.
Goody’s vision calls for the removal of “unnecessary barriers” that stifle innovation in the crypto space, and advocates for clearer regulations that encourage growth while ensuring investor protection. She emphasized the importance of re-establishing the US as a leader in the global financial arena, particularly in digital assets.
Featured image from DALL-E, chart from TradingView.com