Gurbir S. Grewal’s Departure Leaves a Hole at the SEC – Is This a Win for Crypto?
After a three-year stint leading the Securities and Exchange Commission’s (SEC) enforcement division, Director Gurbir S. Grewal announced his resignation on Wednesday.
Grewal’s departure, effective October 11, marks the end of a 21-year career with the agency. Sanjay Wadhwa, currently the division’s deputy director, will assume the role of acting director, while Sam Waldon, chief counsel, will serve as acting deputy director.
As the SEC’s top enforcement official, Grewal oversaw increased scrutiny of the cryptocurrency industry.
His term involved authorizing over 100 enforcement actions against cryptocurrency businesses, including high-profile cases against major players like Coinbase, Kraken, Ripple Labs, and international entities such as Binance.
These actions often focused on the SEC’s assertion that most crypto tokens qualify as securities, a stance that has drawn criticism and legal challenges from the crypto community, with some describing the SEC’s approach as “regulation by enforcement.”
Today we announced that Gurbir S. Grewal, Director of the Division of Enforcement, will depart the agency, effective Oct. 11, 2024. https://t.co/4wXy6ka0qM pic.twitter.com/mnVf378bPi
“Every day, he has thought about how to best protect investors and help ensure market participants comply with our time-tested securities laws,” SEC Chair Gary Gensler said, praising Grewal’s contributions to the agency. “He has led a Division that has acted without fear or favor, following the facts and the law wherever they may lead. I greatly enjoyed working with him and wish him well.”
Beyond crypto regulation, Grewal’s leadership at the SEC encompassed a broad range of enforcement activities.
He authorized over 2,400 enforcement actions, resulting
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