• Heather Slavkin Corzo resigns as SEC policy director, replaced by Corey Klemmer.

  • Corzo credited with significant regulatory advancements during her tenure.

  • Continuity in SEC’s skeptical stance on cryptocurrencies expected.

Heather Slavkin Corzo, a prominent critic of cryptocurrencies, is stepping down from her role as policy director at the U.S. Securities and Exchange Commission (SEC), the regulatory body announced in a statement on Friday.

SEC Chair Gary Gensler, who appointed Corzo in April 2021, credited her with significant contributions to regulatory advancements.

During her tenure, Corzo played a pivotal role in implementing market fund reforms, accelerating the securities settlement cycle, and enhancing corporate disclosures regarding cybersecurity incidents. These measures have been praised for bolstering investor protections and streamlining capital formation processes.

Chair Gensler commended Corzo, describing her as one of his “most trusted advisers.” Her departure signifies the conclusion of a notable chapter for the SEC, as she was one of Gensler’s initial appointees upon his assumption of the agency’s leadership.

Before joining the SEC, Corzo served as the director of capital market policy at the American Federation of Labor and Congress of Industrial Organizations.

The SEC has announced that Corey Klemmer, who joined the agency in July 2021 as corporation finance counsel, will succeed Corzo. Despite this transition, no changes in the SEC’s approach to crypto regulation are anticipated. Both Corzo and Klemmer have expressed skepticism about digital assets, according to Fox Business journalist Eleanor Terrett.

Both Corzo and Klemmer are #crypto skeptics, I’m told. https://t.co/g6xDwCvhZ3

— Eleanor Terrett (@EleanorTerrett) May 17, 2024

This continuity in policy perspective comes as the SEC is embroiled in legal battles with major players in the crypto industry, such as Ripple and Coinbase. The agency’s stance has faced challenges, including the recent Senate rejection of its anti-crypto SAB 121 guidance.

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