The SEC (United States Securities & Exchange Commission) may have its hands full with the ongoing legal battle with Ripple, but that has not stopped it from having to face other problems as well. This was made evident when the SEC’s head of enforcement, Alex Oh, had been forced to step down only days following her appointment.
The main reason as to why Alex Oh had been removed was due to her allegedly unprofessional conduct that had taken place while she was working for ExxonMobil as a corporate lawyer. When asked about being forced to resign, Oh had stated that she was stepping down due to ‘personal reasons. Oh had also worked at the law firm Weiss, Paul, Wharton, Garrison, and Rifkind in the last 20 years, and it had been during this period that she was able to represent various Fortune 100 companies that were being investigated by the government at the time.
Oh faces several accusations
There had been various accusations that were levied against Oh. Most of these were by Royce Lamberth, the United States District Court Judge, and it is widely believed that it was these accusations that had ultimately resulted in Oh being forced to step down from her role as SEC Head Of Enforcement.
Things got ugly when Oh had been questioned as to why her previous unprofessional conduct should not be taken into consideration as part of her new designation, to which Oh had responded by calling one of the opposing lawyers ‘disrespectful, unhinged and agitated’. This had all occurred this past Monday, which had only been 4 days into Oh’s term. It should be mentioned that there are those who hold Oh in high regard and believe that she would make a fine addition to the SEC were it not for her past as well as the fact that it might be better for everyone if the Head Of Enforcement’ position went to someone who had fewer ties to the various firms that the SEC tends to regulate.
What is next for the SEC?
Following Oh’s resignation, it had been made known to the public that Melissa Hodgman shall be returning to serve as the Division of Enforcement’s Acting Director for now. Gary Gensler, the SEC’s head, had stated that Melissa is the best and most logical choice due to her previous display of effectiveness and efficiency as head of the division.
As aforementioned, the SEC is still occupied with the legal battle against Ripple, and so that is bound to take up its time and attention for the near future. The VanEck Bitcoin ETF’s decision will also have to be put on hold.