The new CEO of the US Securities and Exchange Commission, Alex O, resigned from his position in the SEC just days after joining.
According to an official SEC report, O resigned for personal reasons. In Os’ farewell letter to board chairman Gary Gensler – as Bloomberg has seen – the former police chief said she withdrew so as not to be distracted, as she was dealing with disputes that arose from a case she has previously worked on. .
Previously, O was a partner in private law practice in Paul, Weiss, Rifkind, Wharton & Garrison, where she, among others, represented the oil giant Exxon Mobil Corp. torture and murder of residents of Indonesian villages.
Os’ behavior was recorded during a trial by U.S. District Court Judge Royce Lambert on Monday. She was asked to provide evidence for an unconfirmed statement she made during the testimony in the case that her opposing lawyer was “worried, disrespectful and worried”.
“This week’s development was evident in one of the cases I was working on when I was still in private practice. I have come to the conclusion that I can not turn to this development until it becomes an unwanted distraction, “O said in his farewell letter to the SEC chairman.
O will be replaced by Melissa Hodjman, who previously held this position in early 2021. Going forward, Hodgman will take on the role of acting director of implementation.
Gensler’s appointment as chairman of the Securities and Exchange Commission in mid-April is seen as a potential blessing for the cryptocurrency area, given Gensler’s history as a blockchain landmark and the adoption of Bitcoin (BTC) and other cryptocurrencies as new financial instruments.
However, Os’ departure means that Gensler will now be deprived of his first choice as head of law enforcement. How much this will undermine Gensler’s plans during his term as chairman of the Securities and Exchange Commission is unclear.