The Securities and Exchange Commission, on 22 July 2024, announced that Richard Best, the Director of the Division of Examinations, will take leave from the agency to focus on his health, effective immediately. In response to this, Keith E. Cassidy, the Division’s Deputy Director, will serve as its interim Acting Director. Cassidy brings a wealth of experience to the role, having previously served as the National Associate Director of the Division’s Technology Controls Program (TCP), overseeing technology-focused examinations, the SEC’s CyberWatch program, and the Cybersecurity Program Office. Additionally, Cassidy is an infantry officer in the United States Marine Corps Reserve and has held various significant positions, including Director of the SEC’s Office of Legislative and Intergovernmental Affairs and Chief of Staff and Counsel at the Department of Justice’s Office of Legislative Affairs. “I wish Rich well as he takes time to focus on his health,” said SEC Chair Gary Gensler. “I thank Keith for stepping in again to lead the Division of Examinations.”
In addition to serving as Deputy Director, Mr. Cassidy is the National Associate Director of the Division’s Technology Controls Program (TCP) with responsibility for technology-focused examinations and overseeing the SEC’s CyberWatch program and the Cybersecurity Program Office. Mr. Cassidy also is an infantry officer in the United States Marine Corps Reserve, where he is the Commanding Officer of 4th Reconnaissance Battalion. Mr. Cassidy previously served as the Director of the SEC’s Office of Legislative and Intergovernmental Affairs and as Chief of Staff and Counsel at the Department of Justice’s Office of Legislative Affairs. Earlier, he served as a legislative assistant in the United States Senate. Mr. Cassidy received his J.D. from the George Washington University Law School, his LL.M. in Securities and Financial Regulation with distinction from Georgetown Law Center, and a B.A. from the University of Virginia.
Cassidy’s extensive background in cybersecurity and regulatory affairs is expected to enhance investor protection and safeguard against online hacking and frauds, given his expertise in tackling these issues. For instance, his role in the Cybersecurity Program Office has equipped him with the skills to identify and mitigate cyber threats, which are crucial in the increasingly digital financial landscape. His leadership could potentially improve the SEC’s ability to monitor and address threats within the crypto sphere, ensuring a more secure environment for investors.
This strategic appointment signals the SEC’s commitment to preparing itself with highly technologically proficient individuals to address and maintain the integrity and security of financial markets, particularly as they intersect with innovative technologies like blockchain and cryptocurrencies. As the crypto market continues to grow and integrate more deeply with traditional financial systems, Cassidy’s leadership is expected to play a pivotal role in shaping regulatory frameworks that balance innovation with investor protection, managing and mitigating cybersecurity risks and enhance its regulatory framework capability to oversee and regulate the burgeoning digital asset market effectively.
Cassidy’s appointment is anticipated to positively impact the crypto industry by reinforcing ethical standards and regulatory oversight, thereby fostering a safer and more transparent market environment. His experience with the Technology Controls Program and Cybersecurity Program Office positions him to effectively combat financial fraud and enhance investor confidence in the rapidly evolving financial landscape.
(Source: https://www.sec.gov/newsroom/press-releases/2024-87)
