Gurbir Grewal, the head of the U.S. Securities and Exchange Commission’s (SEC) enforcement division, is set to leave the agency on October 11th.
His departure comes after three years of leading the division, during which the SEC initiated over 2,400 enforcement actions resulting in billions of dollars in penalties and disgorgement.
Gurbir Grewal Played a Role in Specifically Targeting the Cryptocurrency Sector
Sanjay Wadhwa, Grewal’s deputy director, will assume the role of acting director of the enforcement division following Grewal’s departure. Sam Waldon, the chief counsel for the division, will be appointed acting deputy director.
SEC Chairman Gary Gensler praised Grewal’s contributions, commending his leadership in protecting investors and ensuring market participants adhere to securities laws. Gensler highlighted Grewal’s fearless and impartial approach to enforcement, emphasizing his commitment to following the facts and the law.
Under Grewal’s leadership, the SEC has taken significant steps to address noncompliance in the rapidly evolving crypto space. The agency has initiated over 100 enforcement actions against major crypto asset trading platforms, including the largest ones globally and domestically. These actions aim to ensure that investors are protected by requiring compliance with federal securities laws.
The SEC’s recent enforcement actions and settlements against eToro, Mango Markets, and Galois Capital, among others, underscore its ongoing efforts to regulate the crypto industry and protect investors. As Grewal departs, the SEC will continue its mission to maintain market integrity and safeguard investor interests.
