SEC Enforcement Chief Gurbir Grewal Resigns After 3 Years Leading Aggressive Crypto Crackdown

Updated: 03 October 2024

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US Securities and Exchange Commission (SEC) director of enforcement Gurbir Grewal will step down on Oct. 11 after 3-years of leading the regulator in its aggressive policing of the crypto space.

Deputy director of the SEC’s enforcement division, Sanjay Wadhwa, will serve as acting director until the agency selects a permanent replacement for Grewal, according to an Oct. 2 press release.

Gurbir Grewal Recommended Over 100 Enforcement Actions Against Crypto Firms

The SEC praised Grewal for his hard work during his time as the regulator’s chief enforcer, and said that it has been “incredibly fortunate that such an accomplished public servant” has led the SEC’s enforcement division in the last few years.

According to the press release, Grewal recommended over 100 enforcement actions addressing the large-scale “noncompliance in the quickly growing crypto space.”

However, Grewal’s enforcement was not aimed at just the nascent crypto industry. He also targeted some of the biggest banks in the US, private equity firms, credit-rating firms, and a number of smaller Wall Street players.

Overall, the SEC authorized more than 2,400 enforcement matters under Grewal’s tenure, resulting in over $20 billion in civil penalties and disgorgement. More than $1 billion in awards were also handed out to whistleblowers, while over 340 people were barred from Wall Street as well.

Grewal Accused Of Encouraging “Lawlessness And Chaos” At The SEC

Grewal was tasked with implementing the regulatory approach that his boss, SEC Chair Gary Gensler, took to regulate the crypto industry. This resulted in the SEC initiating actions against many of the biggest firms in the crypto space, including Binance, Ripple Labs and Coinbase.

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

— Tom Emmer (@GOPMajorityWhip) October 2, 2024

The regulator has become despised by crypto leaders for its aggressive actions against the industry over recent years, and some politicians have spoken out against it, too.

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