Another Democrat quit the SEC after Gary Gensler—that’s what it means.

A day after Securities and Exchange Commission (SEC) Chairman Gary Gensler announced plans to Resignation Once Donald Trump was sworn in as president, another Democrat on the five-member commission announced Friday that he was also resigning.

Jaime Lizaraga, who has served as SEC commissioner since 2022, announced today that he will step down on January 17, 2025, and informed President Joe Biden of those plans. Gensler is scheduled to depart three days later on January 20.

Lizarraga, whose term runs until 2027, said his decision to step down was mainly due to his wife's serious illness.

development means SEC lose another Supporter Gensler's aggressive crypto agendait is also somewhat limited in its effects. The SEC, in DesignIt does not allow more than three of the five commissioners to come from one political party.

So, even though the one Democrat on the commission, Caroline Crenshaw, now seems most likely to remain in her role after Trump retakes the White House, the president-elect will have to appoint another Democrat to fill the agency's non-Republican vacancy.

Trump has done this before. In the year In 2019, in his first term, he appointed Democrat Alison Lee to fill a Democratic vacancy on the commission.

Regardless, the SEC only needs a majority of three commissioners to move forward on key issues, and the Republican president-elect will have three members of his own party on the commission next year.

The biggest question regarding Trump's SEC will be who he appoints as chairman of the financial regulator—a critical role that will oversee the agency's key issues, including crypto.

Trump has it. He promised Some in the industry are hoping to lobby the SEC to create a pro-crypto regulatory environment and ensure such an outcome.

But on Friday, Dan Gallagher, chief legal officer of Robinhood, one of the top crypto-friendly contenders for SEC chairman, announced He was taking the name that was considered for the place.

There are currently other leading candidates for the position Brian BrooksThe former CEO of Binance.US and the regulator of the currency exchange and the two current Republicans already at the SEC Hester Pierce And Mark Uyeda.

Edited by Andrew Hayward.