Elad Roisman, the chairman of the Securities and Exchange Commission, will resign by the end of January.

 Elad Roisman, the chairman of the Securities and Exchange Commission, will resign by the end of January.

Roisman joined the SEC in 2018 and served as acting head until January 2021, with his term as commissioner due to end in 2023.

Elad Roisman, one of the five members of the Securities and Exchange Commission's board of directors, has announced his decision to quit.

In a Monday announcement, Roisman said he had sent a letter to President Joe Biden informing him of his decision to leave the SEC by the end of January 2022. The SEC commissioner said he would continue working with his colleagues “to further our mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation” until his departure.

Roisman was sworn into office in September 2018 beneath the past organization and served as acting SEC chair from December 2020 to January 2021, when he was supplanted by commissioner Allison Herren Lee. His term was initially set to run out in 2023. Gary Gensler has served as the agency’s chairperson taking after his affirmation within the Senate in April 2021.

During his time at the SEC, Roisman was considered by many to be an ally of the crypto industry for seemingly favorable positions in regulating digital assets. During his time as chief counsel of the U.S. Senate Banking Committee, Roisman said the SEC should “examine and re-examine its rules, regulations and guidelines” when it came to emerging technologies including crypto and blockchain.

Roisman recently co-signed a letter with SEC commissioner Hester Peirce, dubbed "Crypto Mom" by many, denouncing Gensler for failing to include crypto in the agency's regulatory agenda. The SEC's inability to develop investor guidelines in the digital asset area, according to the pair, "emboldens fraudsters and hinders conscientious participants who want to follow the law."

Any change in the SEC's leadership could have an influence on crypto regulation and enforcement. The SEC, the Commodity Futures Trading Commission, and the Financial Crimes Enforcement Network currently regulate digital assets in the United States, but each has its own jurisdictional claims, resulting in a patchwork approach that crypto businesses must negotiate to function legally.

 

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