SEC’s Coverage Director Steps Down Amid Ongoing Crypto Scrutiny

• Heather Slavkin Corzo resigns as SEC coverage director, changed by Corey Klemmer.
• Corzo credited with important regulatory developments throughout her tenure.
• Continuity in SEC’s skeptical stance on cryptocurrencies anticipated.

Heather Slavkin Corzo, a distinguished critic of cryptocurrencies, is stepping down from her position as coverage director on the U.S. Securities and Alternate Fee (SEC), the regulatory physique introduced in an announcement on Friday.

SEC Chair Gary Gensler, who appointed Corzo in April 2021, credited her with important contributions to regulatory developments.

Throughout her tenure, Corzo performed a pivotal position in implementing market fund reforms, accelerating the securities settlement cycle, and enhancing company disclosures relating to cybersecurity incidents. These measures have been praised for bolstering investor protections and streamlining capital formation processes.

Chair Gensler counseled Corzo, describing her as certainly one of his “most trusted advisers.” Her departure signifies the conclusion of a notable chapter for the SEC, as she was certainly one of Gensler’s preliminary appointees upon his assumption of the company’s management.

Earlier than becoming a member of the SEC, Corzo served because the director of capital market coverage on the American Federation of Labor and Congress of Industrial Organizations.

The SEC has introduced that Corey Klemmer, who joined the company in July 2021 as company finance counsel, will succeed Corzo. Regardless of this transition, no adjustments within the SEC’s strategy to crypto regulation are anticipated. Each Corzo and Klemmer have expressed skepticism about digital property, in accordance with Fox Enterprise journalist Eleanor Terrett.

This continuity in coverage perspective comes because the SEC is embroiled in authorized battles with main gamers within the crypto business, comparable to Ripple and Coinbase. The company’s stance has confronted challenges, together with the current Senate rejection of its anti-crypto SAB 121 steerage.