Biden is preparing to nominate two new SEC commissioners

Joe Biden, the President of the United States, is currently considering nominating two commissioners with affiliation to the different parties as members of the Securities and Exchange Commission.

As per the reports in Wall Street Journal on Wednesday, Biden has selected two separate representatives, Republican Mark Uyeda, counsel for the Senate Banking Committee on securities and capital markets, and Democrat Jaime Lizárraga, a staffer for House Speaker Nancy Pelosi, to fill in the blank seats that will be left behind by the SEC commissioners Elad Roisman and Allison Lee. Although Roisman has already left the regulatory body in January 2022, the departure of Lee is expected to be in June because, at that time, her term will expire.

As for the background of these two members, Uyeda was a staff member of the SEC who has served as the council on the Senate Banking Committee since January 2021. On the other hand, Lizárrag worked as the staff of Pelosi while the legislation was handling the financial crisis in 2008 as well as he was also part of the effort behind the Consumer Protection Act and the Dodd-Frank Wall Street Reform in the year 2010.

SEC is one of the top financial regulators of finance in the United States, and the members of the SEC will determine the impact of the government’s legal framework on the blockchain and cryptocurrency industry. Hester Pierce, the SEC commissioner, also known as the ‘Crypto Mom,’ has been a major voice and supporter of crypto projects in the United States government. In contrast, SEC chair Gary Gensler has been criticized for not giving proper clarity on the crypto projects that deal with securities.

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