Regulation

SEC general counsel announces departure from public service

Dan Berkovitz, normal counsel for the US Securities and Change Fee, stated he will probably be leaving the company after greater than a 12 months.

In a Dec. 22 announcement, the SEC said Berkovitz will depart on Jan. 31. A former commissioner with the Commodity Futures Buying and selling Fee, Berkovitz joined the company in November 2021. On the time, he stated he deliberate to work with SEC Chair Gary Gensler on a “regulatory agenda that may improve investor safety.”

“After thirty-four years of public service, it’s time for me to pursue new and totally different challenges and alternatives,” stated Berkovitz.

It’s unclear whether or not Berkovitz intends to affix the non-public sector after leaving the SEC. Brian Quintenz, who served as a CFTC commissioner from 2017 to 2021, joined enterprise capital agency Andreessen Horowitz in September 2021 as an adviser to the corporate’s crypto crew.

Megan Barbero, the SEC‘s principal deputy normal counsel, will assume Berkovitz’s place upon his departure. Gensler stated her development comes at a “crucial time” for the SEC.

Throughout his time on the CFTC, Berkovitz stated the company’s enforcement actions within the crypto house have been “aggressive,” citing a $100 million civil financial penalty towards derivatives trade BitMEX. Many have additionally criticized Gensler and the SEC for the company’s “regulation by enforcement” method to crypto.

Associated: SEC recordsdata unregistered securities costs towards Thor Token creators for 2018 ICO

In 2022, the SEC particularly labeled 9 tokens as “crypto asset securities” in an insider buying and selling case involving a former supervisor at crypto trade Coinbase. The company has additionally introduced costs towards former FTX CEO Sam Bankman-Fried for allegedly defrauding clients and diverting the trade’s funds to Alameda.

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