Gurbir Grewal has stepped down from the SEC after three years at the agency and the completion of over 100 enforcement actions related to cryptocurrency.
As stated in an announcement by the U.S. Securities and Exchange Commission, Gurbir Grewal, the agency’s head of enforcement, will retire from his position at the federal regulator on October 11.
During his tenure, Grewal guided the commission to secure over $20 billion in civil penalties while overseeing more than 2,400 legal actions. Notably, at least 100 of these actions targeted crypto firms, digital asset operators, and virtual currency providers for purported violations of federal securities regulations.
Recently, Grewal facilitated settlements for the regulator with eToro, Galois Capital, and Mango Markets. Although most of the cryptocurrency-related lawsuits were initiated last year, 2024 marked the largest crypto settlement under Grewal’s leadership, with the SEC reaching a $4.68 billion agreement with the beleaguered blockchain company Terraform Labs.
Grewal also managed enforcement actions against Binance and Coinbase, two of the largest cryptocurrency exchanges both globally and within the United States. The SEC praised Grewal for his efforts in handling these significant cases.
Through Mr. Grewal’s direction, the Division recommended and the Commission sanctioned over 100 enforcement actions that tackled widespread noncompliance in the rapidly evolving crypto sector, including actions against the operators of the largest cryptocurrency trading platforms worldwide and the operator of the largest cryptocurrency trading platform in the U.S. for failing to provide essential investor protections by not adhering to federal securities law registration requirements.
Statement from the SEC regarding Gurbir Grewal’s exit
Grewal’s deputy, Sanjay Wadhwa, has been appointed as his interim successor and will serve as the acting director of the SEC’s enforcement division.
The announcement was met with enthusiasm from leaders in the crypto community. Many within the digital asset sector view Grewal and SEC chair Gary Gensler as two of their staunchest adversaries. Both Gensler and Grewal have frequently compared the cryptocurrency landscape to the Wild West. Advocates for crypto have argued that the SEC’s approach brings more confusion than clarity or good intentions.
