Alex Oh, the new enforcement director for the Securities and Exchange Commission, stepped down just days after he took office. The head of law enforcement at the US market regulator resigned just days after his appointment.
Alex Oh, the executive director of the Securities and Exchange Commission, announced Wednesday that she would be stepping down on personal grounds just six days after her appointment. Oh stated in her resignation letter that the matter would be an undesirable departure from the significant work of the Enforcement Department.
Judge Royce Lamberth directed Oh to show why she shouldn’t be punished for claiming her opposing attorney was excited, rude and awkward during a deposition without producing evidence on April 26. Oh will be replaced in an acting role by Melissa Hodgman, who will return to a position she previously held from January to April 2021 SEC.
Alex OH’s resignation
Oh was a partner at Paul, Weiss, Rifkind, Wharton & Garrison before joining the SEC. Exxon Mobil was one of their corporate clients.
According to court records, she defended the oil company against two decades-old claims that it had funded murders and torture in Indonesia. In her resignation letter to the SEC chairman, Oh stated, “This week a development in one of the cases I was still in private law practice, and I have come to the conclusion that I cannot solve this problem without that it’s an unwanted distraction ”. According to an official SEC statement, Oh has resigned for personal reasons.
She said she would step back so as not to be distracted when dealing with problems arising from a case on which she had previously operated.
Additionally, Gary Gensler’s story as a blockchain educator and his acceptance of the role of Bitcoin (BTC) and other cryptocurrencies as modern financial resources, as well as his appointment as SEC chairman in mid-April, was seen as a possible boon to the cryptocurrency space.
SEC chairman Gary Gensler initially announced that Melissa Hodgman would resume her position as acting director of the compliance department. I’m glad she’ll take this job again and look forward to working with her to help the SEC achieve its goals.