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Only Days after Being Named, the SEC's Compliance Chief Resigns

By Harry B - Crypto Speculator - 30-04-2021

Bitcoin Pile

A U.S. district court judge questioned the official's actions in previous litigation.

Not even a week after passionate cryptocurrency enthusiast, Gary Gensler stepped up to become Chairman, his U.S Securities and Exchange Commissions’ new enforcement director, Alex Oh, decided to step down.

Oh resigned for private purposes, in keeping with an official SEC statement. In Oh's resignation letter to Gensler, as reported by Bloomberg, the previous compliance chief is stepping down to avoid interference or becoming a disturbance. At the same time, she is dealing with scandals stemming from an earlier case.

The late enforcement chief previously worked as a partner at the private firm Paul, Weiss, Rifkind, Wharton & Garrison, with her job role consisting of advising clients like Exxon Mobil Corp. The current case of arising controversies regards Oh defending Exxon against accusations of funding the torture and murder of Indonesian villagers.

Melissa Hodgman is to return to the role of acting managing director, and who will take over for Oh. Hodgman will still function as the acting director of enforcement.

Gensler's appointment as SEC chairman in mid-April was seen as a possible boon given Gensler's background as a blockchain educator and his recognition and love for buying Bitcoin (BTC) and other cryptocurrencies' position as new financial tools to the cryptocurrency trading room.

Due to Oh resigning, Gensler had to continue without being able to employ his first choice for the role of enforcement leader. It remains to be seen what proportion can affect Gensler's strategies during his time as SEC chairman.

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