The SEC's Director of Enforcement will step down just months after her former co-director exited
Securities and Exchange Commission (SEC) Enforcement Division director Stephanie Avakian will leave her post at the end of the year, according to an announcement from the agency.
Avakian led the creation of the SEC's Cyber Unit, which specifically addressed blockchain technology and digital asset violations.
Avakian's legacy within the crypto space is the Cyber Unit's enforcement of unregistered initial coin offerings (ICO), including the appointment of a cyber unit chief to police ICO's and blockchain violations. Key cases included the SEC's ongoing battle with Telegram and Block.one's ICO.
Deputy Director Marc P. Berger will fill the vacancy left by Avakian as Acting Director. He was called up from his role as leader of the New York office to co-direct the division with Aiken in August of this year.
Avakian's departure follows her former co-director's exit, Stephen Peikin, who left the agency in August.
Peikin spearheaded ICO enforcement actions and co-founded the Cyber Unit with Avakian. It also comes after Chairman Jay Clayton announced his intention to step down at the end of the year, months ahead of his scheduled departure.
