Rejoicing News From Anti-Cryptocurrency SEC Official

Gurbir Grewal, the U.S. Securities and Exchange Commission’s (SEC) Director of Enforcement, will step down from his position on October 11, according to a press release issued today.

Gurbir Grewal, the SEC Official Who Imposed Numerous Sanctions on the Cryptocurrency Industry, Is Resigning

Grewal, who has held the role for three years, will be replaced by his deputy, Sanjay Wadhwa, as acting director of the enforcement division. Sam Waldon, currently the division's general counsel, will be appointed acting director.

SEC Chairman Gary Gensler praised Grewal’s contributions, saying, “We are extremely fortunate to have such an accomplished public servant come to the SEC to lead our Enforcement Division. He has worked every day to protect investors and ensure compliance with our securities laws.”

During his tenure, Grewal oversaw more than 2,400 enforcement actions, resulting in over $20 billion in restitution and civil penalties. The SEC also awarded over $1 billion to whistleblowers under his leadership.

The press release highlighted Grewal’s key role in enforcing cryptocurrency regulations. The SEC praised him for overseeing more than 100 enforcement actions in the rapidly expanding cryptocurrency sector, including actions against major global crypto trading platforms for failure to comply with federal securities laws.

In the weeks leading up to his departure, the SEC has been particularly active in the crypto space, announcing enforcement actions against eToro, Mango Markets, and Galois Capital.

*This is not investment advice.