Jaime Lizárraga , SEC Commissioner decides to resign on January 17th. This will leave only one Democrat at the time the president-elect joins the office.
On Friday November 22nd, Lizarraga shared with Bloomberg Law that he is soon leaving SEC Commission for leisure time with his family especially his wife, fighting breast cancer.
He is resigning after three years as he joined SEC in 2022. He had two more years before his term expires in 2027.
Lizárraga stated, “in reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey”. Furthermore, he said that until January he will be fully participating in the Commission’s current work and duties.
The announcement of Lizárraga’s resignation follows SEC Chair Gary Genler’s, who is departing on Jan 20th. As these two opt out of the Commission, they are leaving Caroline Crenshaw as the only Democrat behind who will be working with pro-crypto Republicans Hester Peirce and Mark Uyeda.
During his campaign, Trump expressed intentions to create a “Strategic Bitcoin Reserve” and establish a national cryptocurrency advisory council.
Many in the industry are betting on sweeping changes to regulations and market conditions once he takes office in January 2025. Bitcoin wasted no time reacting to Trump’s victory. Prices shot up, nearing the $100,000 mark. The overall crypto market isn’t lagging either, with Bitcoin gaining over 60% since election day.
Meanwhile, the crypto industry’s heavy spending in this election cycle ($131 million funneled into key congressional races) is paying off, with pro-crypto lawmakers poised to back legislation supporting the industry.
But not everyone’s convinced. Critics warn that if Trump’s promises don’t turn into action fast, the market could spiral into chaos. There’s also concern about conflicts of interest tied to Trump’s crypto holdings through ventures like World Liberty Financial.
And while his ideas sound great on paper, the path to actually rolling out policies might face roadblocks from regulators and legacy financial giants.
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