The head of enforcement at the U.S. SEC (Securities and Exchange Commission), Alex Oh, has stepped down from her role. She resigns from the role just days after being appointed. The decision came after she faced criticism from a Judge regarding her conduct while in a former role as a corporate lawyer for ExxonMobil. As per an announcement, Alex Oh stated “personal reasons” as the reason behind her unexpected resignation.
However, before being appointed as the head of enforcement, Oh had spent the last two decades operating at the law firm Rifkind, Paul, Weiss, Wharton, and Garrison. She also represented Fortune 100 companies encountering government investigations. Her clients included Bank Of America and ExxonMobil. Allegations surfaced against Alex Oh by U.S. District Court Judge Royce Lamberth are supposed to be behind her impromptu exit. Lamberth inquired why Oh should avoid sanctions for accusations she made while representing ExxonMobil in her former role as a corporate lawyer.
Oh was ordered to offer proof for the unsupported claim she made during a deposition for the case that her competitive counsel was agitated, discourteous, and unhinged. This was all released on Monday, just four days in her time at the SEC. The role of the Enforcement Chief is taken in high esteem by several inside and outside of the SEC. Nevertheless, the removal of Oh has been acknowledged vigorously by some advocacy groups. Several would instead see someone elected to the role who has fewer links to firms the SEC regulates. As she earlier signified Bank of America, experts had voiced concern at her primary election.
Mellisa Hodgman to take Position as the Acting Director of the Division of Enforcement
Furthermore, the SEC Chairman, Gary Gensler, stated that Mellisa Hodgman would return as the Acting Director of the Division of Enforcement for the time being. Hodgman will presume the role in the future. While Hodgman returns to the position, various people and groups will eagerly anticipate a progressive appointment to the role after Oh’s failed tenure. This occurs at an occupied time for Gensler, who declared recently that the SEC would postpone its decision on the VanEck Bitcoin ETF.
Gary Gensler was appointed as SEC Chairman by President Biden in January, and the decision was accepted nicely by the crypto community. Gary Gensler’s appointment as SEC Chairman in mid-April was considered a boon to the crypto space. Gary has a great history as a blockchain educator and accepts BTC and other crypto’s roles as new financial tools.