SEC Enforcement Chief Gurbir Grewal Resigns After 3-Year Tenure

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The Director of Enforcement for the US Securities and Exchange Commission (SEC), Gurbir Grewal, will resign on October 11 after three years of leading the agency’s robust regulatory efforts in the cryptocurrency sector.

Sanjay Wadhwa, the deputy director of the SEC’s enforcement division, will take over as acting director until a permanent replacement for Grewal is appointed, as stated in a press release on October 2. source.

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Gurbir Grewal Advocated for Over 100 Enforcement Actions Against Cryptocurrency Entities

The SEC commended Grewal for his dedication during his tenure as the agency’s top enforcer, expressing gratitude that such an experienced public servant has led the SEC’s enforcement division in recent years.

As noted in the press release, Grewal was responsible for recommending more than 100 enforcement actions addressing the widespread “noncompliance in the rapidly expanding crypto sector.”

Nonetheless, Grewal’s enforcement efforts were not restricted to the emerging crypto market. He also held accountable some of the largest banks in the US, private equity firms, credit-rating agencies, and several smaller Wall Street entities.

In total, the SEC authorized upwards of 2,400 enforcement actions during Grewal’s leadership, leading to more than $20 billion in civil penalties and disgorgement. Additionally, over $1 billion was awarded to whistleblowers, and more than 340 individuals faced bans from Wall Street.

Grewal Accused of Fostering “Lawlessness And Chaos” Within the SEC

Grewal’s mandate involved implementing the regulatory policy spearheaded by SEC Chair Gary Gensler, resulting in the SEC taking action against many of the leading firms in the cryptocurrency industry, such as Binance, Ripple Labs, and Coinbase.

SEC Director of Enforcement Grewal fostered lawlessness and chaos at @GaryGensler’s SEC.

He even acknowledged it to us on record in 2022.

Glad to see him leaving. https://t.co/WSjSzFPenY

— Tom Emmer (@GOPMajorityWhip) October 2, 2024

The agency has faced significant backlash from cryptocurrency leaders due to its stringent enforcement activities over the past several years, with some politicians also voicing their criticisms.

“SEC Director of Enforcement Grewal encouraged lawlessness and chaos at @GaryGensler’s SEC,” tweeted House Majority Whip Tom Emmer on October 2 on X. “Glad to see him packing his bags.”

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