SEC Commissioner Jaime Lizárraga to step down in January

The U.S. Securities and Exchange Commission will see yet another exit in January after Commissioner Jaime Lizárraga announced he will step down.

Bloomberg Law reports that the former congressional aide has said he will leave the agency on January 17. The announcement comes just a day after SEC Chair Gary Gensler announced his resignation effective January 20.

Lizárraga, Gensler, and Caroline Crenshaw are the three Democrat commissioners among the SEC’s five members. The two exits will leave Crenshaw, Hester Peirce, and Mark Uyeda, the latter two having dissented on various SEC decisions.

Notably, Lizárraga and Gensler will exit as Donald Trump, elected on Nov. 5, gets into office amid expectations of a pro-crypto White House. Reports that the Trump administration is eyeing a “crypto czar” have added to optimism, even as the industry debates on who would be the best pick for SEC Chair.

Lizárraga joined the SEC in 2022, with his term ending in 2027. Lizárraga faced criticism for overreach, with his corporate reporting regulations burdening small businesses. He was also criticized for the controversial policies that the market saw as prioritizing politics over investors.

He says his resignation is for family reasons.

“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,” he said in a statement quoted by Bloomberg Law.

The crypto industry has largely criticized the SEC’s approach over the past four years, pointing to what many see as an anti-crypto stance. Trump has pledged to fire Gensler immediately upon taking office, vowing to end the current administration’s “war on crypto.”