SEC Commissioner Tenders His Resignation, To Leave Next January

Reports coming from the SEC has it that one of its commissioners, Elad Roisman, has called it quits with the agency. Roisman who serves as one of the five commissioners together with Crypto Mum Hester Peirce, will leave the agency in January 2022.

Roisman revealed that he has already sent a letter to U.S. president Joe Biden informing him of his intended resignation. In the letter addressed to the president, Roisman expressed his joy in serving the Americans as a commissioner, adding that it has been an utmost privilege to work alongside other colleagues. 

Speaking of his resignation, Crypto Mom Hester Peirce praised the input from Roisman, adding that his work has benefited the regulatory agency as well as the capital markets and the nation in general. She counts herself “lucky” to have worked alongside Roisman – a hardworking, patriotic, gallant, and principled individual. 

Roisman Remains Committed To SEC’s Goals

Despite quitting his job next January, Roisman reiterated his commitments towards safeguarding investors and not putting them in harm’s way. He revealed that he would continue to work with the commissioners and members of staff to protect investors, the market, and maintain an orderly market. 

The outdoing SEC commissioner was appointed three years ago under the Trump administration. He’s had a wonderful career with the regulatory body and even served once as the Acting Chairman of the commission when Jay Clayton left in December 2020 between that time and January 2021. He’s remembered for supporting the push for crypto regulations. 

Roisman also worked as the Chief Counsel of the Senate Banking Committee. During his time, he mentioned that the SEC should consider looking at its rules and guidelines to reflect emerging technologies, such as blockchain, which gave birth to cryptocurrencies. Roisman was part of the committee hearing on crypto and Libra two years ago. 

Roisman isn’t a strong advocate of Bitcoin and crypto in general, but he isn’t an antagonist either. Last week, he co-signed a letter lambasting current SEC head Gary Gensler and his reproachful antics towards the nascent industry. 

Specifically, the letter criticized Gensler for not defining crypto in the body’s regulatory process. His departure will shake the crypto world and create a vacuum that will be tough to fill. Crypto enthusiasts hope that this vacancy will be filled by a crypto-centered individual. 

Change of Leadership Could Affect Regulation

Undoubtedly, any change in leadership in a body like the SEC could impact crypto regulation. Presently, the SEC is closely working with the CFTC and the Financial Crimes Enforcement Network to herald virtual currency regulations, with each body operating within its jurisdiction. 

The SEC has been involved in a number of controversies in 2021 regarding regulations. In October, the agency tried filing a lawsuit against Coinbase for its attempted launch of Lend – a HYIP. Already, its case with Ripple over XRP is still ongoing with no definite date of ending.