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Commissioner Lee announces to leave SEC: impact on Crypto industry

Commissioner Lee announces to leave SEC: impact on Crypto industry 20

The US Securities and Exchange Commission (SEC) Commissioner Allison Lee decided to leave her position. 

US securities and exchange commission (SEC) is a responsible regulatory body of the United States, which remains active to regulate and catch the bad actors in every spot money market, including the crypto industry. As we know that Crypto industry and the creation of policies on the crypto industry is a new thing for any regulatory body, so here the key players of such regulatory bodies and agencies plays a significant role for this industry, as per their interests.

On 15 March, Herren Lee, Commissioner at SEC, released her statement to quit the SEC agency in June of this year. However, she confirmed that she will work at her existing position until a successful talent will be acquired by the SEC agency. 

Lee was hired for a total of five years but she decided to leave within 3 years of the time interval. Before Lee, at this position, Kara Stein was serving in the agency. 

Now departure from SEC will create a second vacancy. Before this, Republican Elad Roisman announced to leave the SEC in January to this term. 

In the present time Commissioner Hester Peirce, known to many in the crypto industry as the “Crypto Mom”, is a sole Republican on the five-member commission. In this commission, not more than 3 people from the same democratic party can exist or rule the agency by sitting at commissioner position.

Before becoming Commissioner, Lee served for counsel and as senior counsel of the complex financial instruments unit for around 10 years. From January to April 2021, she was also acting chairperson at SEC agency, after that Gary Gensler grabbed that position permanently to head the agency.

Lee is a crypto-friendly person in the SEC agency. Once in 2021, she debated Commissioner Hester Peirce during a conference at Georgetown University. Lee asserted to keep the policies maintained for the crypto industry like traditional standards.

“I think we have to evolve with changing technologies, but I don’t think that means we change our principles or stray from our mission, which I think has worked well for decades.”

According to experts’ point of view, the Departure of Lee may result in some negative impact for the crypto industry because the SEC agency will impact & regulate the industry directly.

Read also: Facebook (Meta) CEO says NFTs on Instagram soon

Commissioner Lee announces to leave SEC: impact on Crypto industry


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