SEC general counsel announces departure from public service

Dan Berkovitz, wide counsel for the United States Securities and Exchange Commission, said helium volition beryllium leaving the bureau aft much than a year.

In a Dec. 22 announcement, the SEC said Berkovitz volition depart connected Jan. 31. A erstwhile commissioner with the Commodity Futures Trading Commission, Berkovitz joined the bureau successful November 2021. At the time, helium said helium planned to work with SEC seat Gary Gensler connected a “regulatory docket that volition heighten capitalist protection.”

"After thirty-four years of nationalist service, it is clip for maine to prosecute caller and antithetic challenges and opportunities," said Berkovitz.

It's unclear whether Berkovitz intends to articulation the backstage assemblage aft leaving the SEC. Brian Quintenz, who served arsenic a CFTC commissioner from 2017 to 2021, joined venture superior steadfast Andreessen Horowitz successful September 2021 arsenic an advisor to the company's crypto team.

Megan Barbero, the SEC main lawman wide counsel, volition presume Berkovitz’s presumption upon his departure. Gensler said her advancement came astatine a “critical time” for the SEC.

During his clip astatine the CFTC, Berkovitz said the agency’s enforcement actions successful the crypto abstraction were “aggressive,” citing a $100 cardinal civilian monetary punishment against derivatives speech BitMEX. Many person besides criticized Gensler and the SEC for the agency’s “regulation by enforcement” attack to crypto.

Related: SEC files unregistered securities charges against Thor Token creators for 2018 ICO

In 2022, the SEC specifically labeled 9 tokens arsenic “crypto plus securities” successful an insider trading lawsuit involving a erstwhile manager astatine crypto speech Coinbase. The bureau has also announced charges against erstwhile FTX CEO Sam Bankman-Fried for allegedly defrauding customers and diverting the exchange’s funds to Alameda.