SOCS family proteins form part of a classical negative feedback system that regulates cytokine signal transduction. SOCS2 appears to be a negative regulator in the growth hormone/IGF1 signaling pathway. Probable substrate recognition component of a SCF-like ECS (Elongin BC-CUL2/5-SOCS-box protein) E3 ubiquitin ligase complex which mediates the ubiquitination and subsequent proteasomal degradation of target proteins (By similarity). Protein modification; protein ubiquitination. Interacts with IGF1R (By similarity). Associates with the Elongin BC complex (By similarity). Interacts with AREL1 and PRKCA (By similarity). Interacts with DCUN1D1 (By similarity). The SOCS box domain mediates the interaction with the Elongin BC complex, an adapter module in different E3 ubiquitin ligase complexes. Ubiquitinated; mediated by AREL1 and leading to its subsequent proteasomal degradation. Ubiquitination is dependent on phosphorylation at Ser-52, by PKC and is stimulated by LPS. Phosphorylation at Ser-52 by PKC facilitates its ubiquitination and proteosomal degradation.