SEC enforcement director Gurbir Grewal resigns

Gurbir Grewal resigned from the SEC after three years at the regulator and more than 100 crypto-related enforcement actions.

Gurbir Grewal, the agency’s executive director, will retire from the federal regulator on Oct. 11, according to a statement from the U.S. Securities and Exchange Commission.

Grewal has exposed the watchdog to more than $20 billion in fines and more than 2,400 lawsuits. At least 100 of these cases involved suing crypto businesses, digital asset operators, and virtual currency providers for alleged violations of federal securities laws.

Recently, Grewal led the regulator’s enforcement division on deals with eToro, Galois Capital and Mango Markets. While most crypto lawsuits were filed last year, 2024 saw the largest crypto-SEC settlement under Grewal. The SEC agreed to a $4.68 billion settlement with troubled blockchain firm Terraform Labs.

Grewal also oversaw enforcement actions against Binance and Coinbase, two of the world’s and America’s largest crypto exchanges. The SEC praised Grewal for his work on these issues.

Under Mr. Grewal’s leadership, the Division has proposed, and the Commission has authorized, more than 100 enforcement actions addressing widespread non-compliance in the rapidly growing crypto space, including against the operators of the largest crypto-asset trading platforms in the world and the operator of the largest crypto asset. gave. A trading platform in the United States that deprived investors of important investor protections by failing to comply with the registration provisions of the federal securities laws.

SEC on Gurbir Grewal’s departure

Grewal’s deputy, Sanjay Wadhwa, was announced as his interim successor and acting director of the SEC’s enforcement division.

The news sparked celebrations from crypto community leaders. In fact, some in the digital asset ecosystem may view Grewal and SEC chairman Gary Gensler as two of the industry’s biggest rivals. Gensler and Grewal often liken the crypto complex to the Wild West. Crypto advocates have countered that the SEC regulates out of confusion rather than clarity and good faith.