SEC Commissioner Jaime Lizárraga to leave agency following Chair Gensler's exit

One of the U.S. Securities and Exchange Commission's top leads, Jaime Lizárraga, said he plans to leave the agency early next year. 

Lizárraga, one of three Democratic commissioners at the SEC, said he informed President Joe Biden of his plans to leave toward the end of January. Bloomberg Law first  reported the news on Friday. Lizárraga told Bloomberg that he is leaving to spend more time with his family and his wife, who is fighting breast cancer.

"For the better part of this year, my wife, Kelly, has confronted serious illness with admirable courage and a strong spirit," Lizárraga said in a statement on Friday.  "We are grateful for the support of colleagues, friends and family and are hopeful for her speedy and full recovery in the ensuing months."

Lizárraga's announcement comes a day after SEC Chair Gary Gensler said he also plan s to step down in January. This leaves Commissioner Caroline Crenshaw as the sole Democrat leading the SEC. Gensler said both he and Lizárraga had worked together not only at the SEC but also at the U.S. Department of Treasury following the 2008 financial crisis. 

"In each phase of his career, he has been steadfastly focused on elevating the interest of everyday Americans," Gensler said in a statement. "At the SEC, he has been an excellent partner in our work to protect investors, facilitate capital formation, and ensure markets work for investors and issuers alike."

Lizárraga was not particularly vocal about the crypto industry but did comment on the sector over the years. During a speech on Nov. 16, 2022, the commissioner argued that there was a "significant lack of transparency in the digital asset market." The speech was given just days after crypto exchange FTX filed for bankruptcy  amid allegations of fraud and misconduct. 

"Digital asset values are highly volatile," he said in 2022. "Events this past week and even today, and the recent 2022 crypto winter, revealed how volatile the digital asset market can be."