US SEC Commissioner Allison Lee Steps Down

• SEC Commissioner Allison Herren Lee Announces Departure (Sorta).
• Lee was sworn in as an SEC Commissioner on July 8, 2019.
• Allison has been a stalwart advocate for strong and stable markets

Allison Herren Lee stepped down from her position as the Commissioner of the Securities and Exchange Commission (SEC).

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Lee announced her planned departure in March of this year with plans to take up a visiting professorship in Italy. According to the New York Times, she had delayed the opportunity to take a seat on the Commission in 2019. . 

Prior to serving as a Commissioner, Lee spent over a decade as an attorney in the Division of Enforcement at the SEC. In that role, she worked on some of the Commission’s most high-profile cases and investigations, including those involving Bernard L. Madoff and Allen Stanford.

In a statement released by the SEC, Chairman Jay Clayton praised Lee for her “tireless efforts” on behalf of investors and the markets. Commissioner Lee also made a statement, saying that it has been “an honor and a privilege” to serve at the SEC.

Lee was sworn in as an SEC Commissioner on July 8, 2019.  She was one of President Trump’s two Democrats appointed to the Commission.. The other Democrat is Caroline Crenshaw.

Allison Herren Lee has been a stalwart advocate for strong and stable markets. She has been a vocal critic of the Trump administration’s deregulatory agenda. In particular, she has opposed rollbacks of key investor protections put in place after the 2008 financial crisis.

Lee’s departure leaves the SEC with two vacancies. The other vacancy was created by the resignation of Robert Jackson in 2020. It is unclear who will be nominated to fill these openings.

The SEC is an important regulatory agency that oversees the US securities markets including cryptocurrencies. The Commission is tasked with protecting investors, maintaining fair and orderly markets, and promoting capital formation. 

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