News of a leadership change at the Securities and Exchange Commission has some experts concerned that entrepreneurs may have to wait even longer for highly anticipated yet already delayed crowdfunding rules.
SEC chairman Mary L. Schapiro announced Monday that she will step down next month, and President Obama plans to elevate Elisse Walter, one of the agency’s Democratic commissioners, to fill the position. Walter can serve through December 2013, by which time the president must nominate a permanent successor, who must then be approved by the Senate.
The process could be slow if there are objections by Republicans — and that could push decisions on new crowdfunding laws even further down the road.
“Schapiro plans to leave her post effective Dec. 14th, which means we can look forward to a lengthy confirmation process for her replacement,” Eric Mack, managing editor of Crowdsourcing.org, wrote following the announcement. “As a result, JOBS Act rulemaking is likely to be put on hold or at least slowed down in the interim.”