Damian Williams, US Attorney for the Southern District of New York who is prosecuting the case against Sean "Diddy" Combs, has announced his resignation.
The move caused waves on social media, where some saw the resignation as a sign of Combs influencing the case from behind bars. In fact, Williams knows that he will be replaced once president-elect Donald Trump takes office. The likely successor to Williams: SEC Chairman Jay Clayton.
Trump ousting Manhattan U.S. Attorney Damian Williams, bringing in former SEC Chairman Jay Clayton
— New York Daily News (@NYDailyNews) November 14, 2024
The nomination comes as Damien Williams is overseeing public corruption case against Mayor Adams and the sex trafficking case against Sean "Diddy" Combs. https://t.co/2rwhrfVkE3
What is significant about the Williams resignation: yes, he is overseeing the Combs case, but he is also prosecuting Eric Adams, the sitting New York City mayor. How both cases will be prosecuted in the future is, for the time being, in question.
The arena in which Clayton's influence is expected to make the most difference is cryptocurrency. Clayton has repeatedly expressed dissatisfaction with current SEC Chair Gary Gensler's aggressive stance against retail crypto investors.
👀Here’s Former SEC Chairman Jay Clayton discussing Gary Gensler's abuse of the SEC's power.
— Crypto Crib (@Crypto_Crib_) July 1, 2023
pic.twitter.com/CJN2QDwjmH
Gary Gensler’s resignation as SEC Chair in January 2025 signals a major shift in cryptocurrency regulation. His aggressive enforcement drew criticism, and with bitcoin nearing $100,000, speculation grows that the next Chair under President-elect Trump will adopt a more industry-friendly approach.
Trump has not yet announced his pick to Chair the SEC. The official date for Williams' resignation is December 13, and for Gensler, January 20.
