SEC Commissioner Allison Harren Lee to depart from her position
The United States Securities and Exchange Commission (SEC) commissioner Allison Harren Lee announced that she would be stepping down from her position as her term ends in June.
Harren Lee is leaving SEC
As per Tuesday's announcement, Lee will stay until her successor has been appointed. The SEC commissioner has been in her current position for more than two years, after being appointed in 2019 to complete the rest of a five-year term that ends in June.Before becoming a commissioner, Lee worked with the SEC for almost a decade, serving as her predecessor's lawyer and senior counsel of the complex financial instruments unit. From January to April 2021, she also served as the SEC's acting chair, before the arrival of Gary Gensler as the regulatory body's head.
Lee, a Democrat who took over for former commissioner Kara Stein, will leave a second position at the SEC, after Republican Elad Roisman, who announced his departure in January this year. Commissioner Hester Peirce, nicknamed "Crypto Mom" by many in the industry, is the only Republican on the five-member commission. According to the constitution, at most three members of the panel can be from the same political party.
Gensler and Lee share common views
Changes in the SEC's composition may have an immediate impact on the crypto market. Under Gensler's leadership, the commission has been particularly aggressive in its policing within the industry.Gary Gensler, the chair of the U.S. SEC is known for his tough stance on crypto regulations. In December last year, he said that it is impossible for crypto exchanges to function outside regulatory oversight and hence urged mutual cooperation and peaceful existence by making them centralized.
Sharing similar thoughts, Lee debated with Crypto Mom at a conference at Georgetown University last year, over the maintenance of existing standards to crypto by stating:
“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.”
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