US Securities and Exchange Commission Commissioner Alison Herren Lee announced she will step down at the end of her term in June.

In Tuesday’s announcement, Lee said she will remain in the role until her successor is confirmed. The SEC commissioner has served in his current position for less than three years: in 2019, he was sworn in for the remainder of a five-year term ending in June.

After her resignation, Lee, the Democrat who succeeded former Commissioner Kara Stein, will create another vacant position on the Securities and Exchange Commission, and another vacancy will be filled by Republican Elad Roisman, who announced he will retire in January. Commissioner Esther Pierce, known to many in the room as “Cryptom Mom,” is currently the only Republican in the group of five. By law, no more than three committee members can belong to the same party.

Lee worked for the SEC for over ten years before she was hired, she was an advisor to her predecessor and a senior advisor in the complex financial instruments division before she was hired. She was acting chair of the Securities and Exchange Commission from January to April 2021, after which the appointment of Gary Gensler was confirmed as chair of the regulator.

Changes in the composition of the Securities and Exchange Commission (SEC) could have a direct impact on the cryptocurrency industry. The Gensler Committee has been especially active in law enforcement in the industry. Last year, at a conference at Georgetown University, Lee Pierce advocated maintaining the use of the current standards for cryptocurrencies:

“I think we need to evolve with changing technologies, but I don’t think that means changing our principles or deviating from our mission, which I feel has worked well for decades.”
“We have seen a whole new multibillion-dollar industry develop around cryptocurrencies and digital assets that is challenging existing laws and regulations,” Li said in a speech to the Institute of Practicing Law earlier this month.

Lee became known for his climate campaign after joining the SEC from the energy industry. According to the New York Times, Lee will take up a visiting professorship in Italy after leaving the SEC.

Source: CoinTelegraph

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