SEC enforcement director Gurbir Grewal resigns

As a researcher with a focus on financial regulations and digital assets, I find myself reflecting on Gurbir Grewal’s departure from the SEC. With over 100 crypto-related enforcement actions under his tenure, he has left an indelible mark on the crypto landscape. His leadership at the SEC has been instrumental in bringing accountability to the rapidly growing digital asset industry, particularly in addressing noncompliance and ensuring investor protections.


After spending three years with the Securities and Exchange Commission (SEC), Gurbir Grewal has decided to step down. During his tenure, he oversaw more than a hundred legal actions related to cryptocurrency.

As per a statement from the U.S. Securities and Exchange Commission, Gurbir Grewal, who holds the position of director of enforcement at the agency, is planning to retire from his role with the federal regulatory body on October 11.

Under Grewal’s leadership, the watchdog amassed over $20 billion in civil penalties through approximately 2,400 lawsuits. At least 100 of these cases targeted crypto businesses, digital asset operators, and virtual currency providers for suspected violations of federal securities laws.

On this day, it has been made public that Gurbir S. Grewal, who holds the position of Director of the Division of Enforcement, is set to leave the organization, with his departure taking place on October 11, 2024.

— U.S. Securities and Exchange Commission (@SECGov) October 2, 2024

In recent times, Grewal oversaw the enforcement division of the regulatory body, resulting in settlements with eToro, Galois Capital, and Mango Markets. The majority of crypto-related lawsuits were initiated the previous year, but 2024 marked the largest crypto-SEC settlement under Grewal’s leadership. Last year, the SEC reached a $4.68 billion agreement with struggling blockchain firm Terraform Labs in a significant settlement.

Additionally, Grewal was responsible for implementing regulatory measures against Binance and Coinbase, two prominent cryptocurrency trading platforms on a global and U.S. scale. The Securities and Exchange Commission (SEC) acknowledged Grewal’s efforts in handling these cases.

Under Mr. Grewal’s guidance, the Division proposed and the Commission approved over a hundred regulatory actions aimed at addressing extensive non-compliance in the rapidly expanding cryptocurrency market. These actions targeted not only the operators of the biggest crypto asset trading platforms worldwide but also the operator of the largest crypto asset trading platform in the U.S., who failed to adhere to registration requirements under federal securities laws, thus denying investors essential investor protections.

SEC on Gurbir Grewal’s departure

In a recent announcement, it was declared that Sanjay Wadhwa, a deputy to Grewal, would serve as the temporary replacement and acting head for the Securities and Exchange Commission’s (SEC) Enforcement Department.

The news brought about jubilant reactions from influential figures in the cryptocurrency sector. In fact, some members within the digital asset sphere might consider Grewal and SEC Chairman Gary Gensler as among the industry’s toughest adversaries. On several occasions, Gensler and Grewal have referred to the crypto market as resembling the Wild West. Critics of the SEC argue that they regulate with ambiguity instead of transparency and fairness.

Don’t let the door hit you on the way out

— Alexander Grieve (@AlexanderGrieve) October 2, 2024

Read More

Sorry. No data so far.

2024-10-03 04:01