SEC's Gurbir Grewal Steps Down After Leading Major Crypto Enforcement Efforts
TL;DR
- Gurbir Grewal is leaving the SEC after three years, with his last day on October 11, 2023.
- Under his leadership, the SEC initiated over 2,400 enforcement actions, particularly focusing on $BTC and other cryptocurrencies.
Gurbir Grewal, the director of enforcement at the U.S. Securities and Exchange Commission (SEC), has announced his departure from the agency, effective October 11, 2023. Sanjay Wadhwa will take over as acting director of enforcement, while Sam Waldon will serve as acting deputy director. Grewal's tenure saw significant actions against noncompliance in the rapidly evolving cryptocurrency sector.
During his time at the SEC, Grewal led the agency in initiating over 2,400 enforcement actions, resulting in more than $20 billion in disgorgement and civil penalties. The SEC awarded over $1 billion to whistleblowers, reinforcing its commitment to investor protection. Grewal's leadership was particularly notable in the area of cryptocurrency enforcement, where the SEC took decisive action against major crypto asset trading platforms that failed to comply with federal securities laws.
Under Grewal's guidance, the SEC recommended and authorized more than 100 enforcement actions related to the crypto market, addressing critical issues in investor protection. As the fiscal year concludes, there has been an uptick in enforcement actions and settlements in the crypto space, highlighting the SEC's ongoing commitment to regulatory compliance.
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