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Acting SEC Chair Appointed

Lee will be the commissioner until President Biden’s appointee Gary Gensler is confirmed.

Today, President Joe Biden exalted Securities and Exchange Commission (SEC) commissioner Allison Herren Lee to Acting SEC Chair.

Lee is among the four SEC commissioners currently serving, as the agency waits for Biden-appointed Gary Gensler to be confirmed by the Senate for a five-year term. Gensler will then take over the role previously held by Jay Clayton, who left the agency last month.

President Trump appointed Herren Lee in 2019 to fill the vacancy left by Kara Stein’s separation.

The SEC is structured so that no one political party can dominate. Lee is one of the two Democrats on the commission, together with Caroline Crenshaw. Elad Roisman and cryptocurrency-friendly Hester Peirce are the two Republicans on the commission.

“I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them,” Lee said in a press release. “Together we will continue the agency’s work of protecting investors and ensuring market integrity.”

But all of this is temporary. Gensler, a former chairman of the Commodity Futures Trading Commission under President Obama term, is about to be confirmed – this is after the Senate gets through a raft of other pressing appointments, together with Janet Yellen for Treasury Secretary.

Considering that Lee has prioritized climate and sustainability, Gensler will bring more background in cryptocurrency to the agency. He has previously taught a course about Bitcoin and blockchain at MIT.

In a 2019 conference, he stated, Cryptocurrencies and blockchain technology have already prompted the real change and can continue to do so.”

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