SEC general counsel announces departure from public service

Dan Berkovitz, normal counsel for the USA Securities and Trade Fee, mentioned he can be leaving the company after greater than a yr.

In a Dec. 22 announcement, the SEC mentioned 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 mentioned he deliberate to work with SEC chair Gary Gensler on a “regulatory agenda that can improve investor safety.”

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

It is unclear whether or not Berkovitz intends to hitch 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 advisor to the corporate’s crypto crew.

Megan Barbero, the SEC principal deputy normal counsel, will assume Berkovitz’s place upon his departure. Gensler mentioned her development got here at a “essential time” for the SEC.

Throughout his time on the CFTC, Berkovitz mentioned the company’s enforcement actions within the crypto house have been “aggressive,” citing a $100 million civil financial penalty in opposition to 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 expenses in opposition to 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 expenses in opposition to former FTX CEO Sam Bankman-Fried for allegedly defrauding clients and diverting the trade’s funds to Alameda.