SEC Enforcement Head Gurbir Grewal, Known for Tough Stance on Crypto, Leaves Agency
Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
Gurbir Grewal, the head of the SEC’s enforcement, will leave the agency on Oct. 11 following a three-year term, according to a statement Wednesday.
Following his exit, Sanjay Wadhwa, the division’s deputy director, will step in as acting director. Meanwhile, Sam Waldon, the division’s chief counsel, will take on the acting deputy director role.
Grewal led the SEC at a time when the agency initiated over 2,400 enforcement actions, resulting in more than $20b in penalties and disgorgement, the SEC said. He was also at the regulator’s helm in banning over 340 individuals from Wall Street and oversaw the distribution of over $1b to whistleblowers.
Under his leadership, the SEC launched over 100 enforcement actions against the cryptocurrency industry. In 2023 alone, these actions brought in around $4.9b in cryptocurrency-related fines.
House Majority Whip Tom Emmer (R., Minn.), who has opposed the SEC’s approach to crypto regulation, appeared satisfied with Grewal’s departure.
“SEC Director of Enforcement Grewal encouraged lawlessness and chaos at @GaryGensler’s SEC…Good to see him packing his bags,” he said in an X post Wednesday.
SEC Director of Enforcement Grewal encouraged lawlessness and chaos at @GaryGensler’s SEC.
He even admitted it to us on the record in 2022.
Good to see him packing his bags. https://t.co/WSjSzFPenY
Grewal enforced the regulatory approach toward cryptocurrencies set by his superior, Chair Gary Gensler, who has led both growth and disruption in the crypto market. According to Gensler, US securities laws should apply to many cryptocurrency trading and exchanges.
In 2022,
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