With SEC Chairman Jay Clayton resigning by year’s end, Phillips & Cohen partner Erika Kelton expresses to Bloomberg Law an optimistic take on the future of the SEC whistleblower program under the leadership of a future Biden administration appointee.
[The Democratic commissioners] have raised concerns that the rules the SEC adopted in September will give commissioners the freedom to limit massive awards.
Erika Kelton, a whistleblower lawyer in Washington, told Bloomberg Law she expects the SEC to continue to support a robust award program under Democratic leadership, but hopes the agency will reverse the recent rulemaking.
“Since the two Democrats on the commission vigorously opposed this change, I am cautiously optimistic that the SEC with a Biden appointee as chair will recognize that this so-called ‘clarification’ runs counter to the law, discourages high-value whistleblowers from coming forward and should be thrown out,” said Kelton, a Phillips & Cohen LLP partner.
Read the entire article, “SEC Chair Clayton Set Course for Democrats on Crypto, Covid-19,” on Bloomberg Law’s website.