The Securities and Exchange Commission announced on Dec. 29 that Cicely LaMothe has stepped down from her role, concluding more than two decades at the agency. LaMothe joined the Division of Corporation Finance in 2002 and served in multiple leadership positions, including leading the Disclosure Review Program and later serving as Deputy Director for Disclosure Operations. She was integral to efforts to modernize compliance and disclosure processes across capital markets.
During her tenure, LaMothe contributed to the issuance of more than 25 revisions and new compliance and disclosure interpretations across financial reporting topics and was involved in seven staff statements addressing rapidly evolving digital asset concerns.
These covered areas such as liquid staking arrangements, stablecoin frameworks, mining disclosures, meme coin classification and cryptocurrency-linked exchange-traded products.
Clarifying Crypto Norms Through Staff Statements
Several of the staff statements LaMothe worked on provided early interpretive guidance that helped market participants understand how existing securities laws apply to digital assets. One statement clarified conditions under which some meme coins do not qualify as securities, an issue that has relevance for crypto funds and exchange-traded products.
Others outlined distinctions between custodial and non-custodial staking, information that market participants have used in structuring digital asset services.
Her work in this space coincided with a period when the SEC’s Division of Corporation Finance expanded its engagement with emerging financial technologies and digital asset-related filings.
By offering interpretive clarity in areas where statutory language and practice had been ambiguous, LaMothe’s contributions provided market participants with reference points during an era of rapid innovation in crypto and blockchain ecosystems.
Broader Regulatory Developments Accompany Retirement
LaMothe’s retirement comes as the SEC continues to adapt its regulatory posture toward digital assets. In 2025, the agency issued several key decisions around exchange-traded products and compliance matters for crypto custodians.
Her departure follows broader leadership changes within financial regulatory bodies, including officials moving into private sector roles and shifts in oversight strategy.
Jim Moloney, Director of the Division of Corporation Finance, praised LaMothe’s contributions in the official agency statement, noting her commitment to investor protection and the modernization of disclosure review processes.
LaMothe herself expressed gratitude for her colleagues’ support over her long career, saying she valued both the professional challenges and the collaborative work that defined her SEC tenure.
Final Words
LaMothe’s retirement marks the end of a chapter in SEC staff leadership closely linked to some of the early formal guidance around how U.S. securities laws interface with crypto asset activities.
As the agency continues to refine rules and coordinate with other regulators, the absence of a long-standing influence in crypto staff guidance may lead to further transitions in how digital asset policy is developed and communicated.
