SEC General Counsel Dan Berkovitz to Step Down in January 2023

The US Securities and Exchange Commission announced that Dan Berkovitz will step down from his General Counsel position as of the end of January 2023.

The current SEC Principal Deputy General Counsel – Megan Barbero – will replace Berkovitz upon his departure.

• SEC Chair Gary Gensler said he was “grateful” for Berkovitz’s “exceptional public service and his dedication to this agency” in the official announcement before adding,

“Dan has led the Office of General Counsel during a time in which we’ve proposed critical reforms throughout the capital markets. His counsel, judgment, and leadership have been invaluable to our work at the SEC. I have been blessed to work with Dan at two great market regulators, and I congratulate him for his 34 years in public service.”

• Berkovitz occupied the position for a little over a year after serving as the CFTC Commissioner for three years (from 2018 to 2021).
• He noted that his departure from the SEC was because it was time for him to “pursue new and different challenges and opportunities.”
• Although it may not be directly related, Berkovitz recently had dinner at a luxury Indian restaurant in Washington DC with several FTX execs, including the now-disgraced former CEO – Sam Bankman-Fried, according to emails seen by the Washington Examiner.
• The details of the conversation are still unclear, but the emails reveal that the bill was covered by FTX General Counsel Ryne Miller, who then asked for $50 from Berkovitz.
• The former crypto exchange giant was known for having warm relationships with several US watchdogs before its loud collapse in October. Interestingly, the dinner took place just days before FTX filed for bankruptcy.

“If ever there were a scene to conjure up a vision of a D.C. rigged toward corrupt insiders at the expense of the little guy, it would be difficult to top this one. Not long before its collapse and a raft of fraud charges, SBF and his gang were wooing one of their would-be regulators no doubt to try to manipulate the regulations to their advantage.” – commented Michael Chamberlain, director of Protect the Public’s Trust.

Featured Image Courtesy of WSJ