By Douglas Gillison
(Reuters) – A Democratic member of the five-member U.S. Securities and Exchange Commission said on Friday he will resign more than two years early, leaving just two Republicans and one Democrat from the start of newly elected President Donald Trump’s administration. January.
Commissioner Jaime Lizarraga, a former aide to former House Speaker Nancy Pelosi who was confirmed to a five-year term at the SEC in 2022, cited his wife’s poor health in announcing his decision.
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The news comes a day after SEC Chairman Gary Gensler announced he would leave the committee on January 20, the day of Trump’s scheduled inauguration.
In a statement, Gensler praised Lizarraga, saying the two had worked together in various roles for more than a decade.
“At the SEC, he has been an excellent partner in our work to protect investors, facilitate capital formation and ensure the markets work for both investors and issuers,” Gensler said.
Trump has not yet announced a candidate to replace Gensler, while Robinhood Markets Chief Legal Officer Dan Gallagher resigned on Friday.
With Lizarraga’s departure, Republicans will outnumber Democrats on the committee from day one of the new Trump administration, likely increasing their ability to take a sharply different course on policy issues, such as regulating cryptocurrency and pursuing enforcement cases.
During his campaign, Trump largely adopted the crypto industry’s grievances against Gensler, whom he had promised to fire. Gensler has rejected calls to adopt new rules specific to the digital assets.
(Reporting by Douglas Gillison; Editing by Leslie Adler)
