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A significant change occurred at the U.S. Securities and Exchange Commission (SEC). Heather Slavkin Corzo, a leading critic of cryptocurrencies, resigned from her position as SEC policy director, and Corey Klemmer was appointed in her place. Let’s look at the details of this development.
SEC Chair Appointed Corzo
In April 2021, SEC Chair Gary Gensler appointed Corzo and highlighted the significant regulatory progress made during her tenure. Corzo made notable contributions, particularly in implementing market fund reforms, accelerating the securities settlement cycle, and improving corporate disclosures related to cybersecurity incidents. These measures received high praise for strengthening investor protections and facilitating capital formation processes.
Chair Gensler described Corzo as “one of his most trusted advisors” and noted that her departure marked the end of a significant era for the SEC. Corzo, one of the first appointments Gensler made after taking SEC leadership, had previously served as the director of capital markets policy at the American Federation of Labor and Congress of Industrial Organizations before joining the SEC.
The Successor to Corzo
Corey Klemmer, who will replace Corzo, joined the SEC as a corporate finance advisor in July 2021. The SEC announced that it does not expect any changes in its approach to crypto regulation following Klemmer’s appointment. According to Fox Business reporter Eleanor Terrett, both Corzo and Klemmer have maintained a skeptical stance on crypto assets.
This continuity in policy perspective is significant as the SEC engages in legal battles with major players in the crypto industry, such as Ripple and Coinbase. The SEC faces challenges, including the recent rejection of the crypto-opposed SAB 121 guideline by the Senate. This guideline aimed to impose stricter regulations on cryptocurrencies, but the Senate’s rejection may lead the SEC to reassess its regulatory strategy on cryptocurrencies.
SEC’s Skeptical Stance on Cryptocurrencies Continued
During Corzo’s tenure, the SEC maintained a skeptical stance on cryptocurrencies. This attitude led to significant discussions about regulations in the crypto market alongside regulatory advancements. Corey Klemmer’s appointment is seen as a sign that the SEC will continue its strict stance in this area.
Heather Slavkin Corzo‘s resignation and Corey Klemmer’s appointment represent a significant change in the internal dynamics of the SEC, even though no change in the regulatory stance towards cryptocurrencies is anticipated. This transition period will be closely watched for the SEC’s future regulatory strategies and investor protection policies.
