SEC Commissioner Jaime Lizárraga to step down in January

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

The former congressional aide said he will leave the agency on Jan. 17, Bloomberg Law reported. The announcement comes just one day after SEC Chairman Gary Gensler announced his resignation, effective January 20.

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

Lizárraga and Gensler, in particular, will be leaving when Donald Trump, elected on November 5, takes office amid expectations of a pro-crypto White House. As the industry debates who would be the best choice for SEC Chairman, news that the Trump administration is eyeing a “crypto czar” has increased optimism.

Lizárraga joined the SEC in 2022 and his tenure ends in 2027. Lizárraga has faced criticism for overreaching corporate reporting regulations, creating a burden on small businesses. He has also been criticized for controversial policies that have seen the market prioritize politics over investors.

He says his resignation was for family reasons.

“As we reflect on the challenges ahead, we have determined that it is in our family’s best interest to close this chapter in my 34-year journey in public service,” he said in a statement cited by Bloomberg Law.

The crypto industry has been largely critical of the SEC’s approach over the past four years, citing what many see as an anti-crypto stance. Trump vowed to fire Gensler as soon as he takes office, vowing to end the current administration’s “war on crypto.”