Crypto’s Toughest Regulator, Gurbir Grewal, Resigns as SEC Enforcement Chief

Last Updated on December 19, 2024

Written by

Efe Bravo

The logo of the SEC is seen at its headquarters in Washington, DC. Source: Tada Images - stock.adobe.com

Key Takeaways:

Gurbir Grewal, SEC Enforcement Chief, will step down on October 11, after leading significant enforcement actions in the cryptocurrency space.
Sanjay Wadhwa, the current deputy director, will serve as acting director, with the SEC yet to name a permanent successor.
Grewal’s departure may signal a potential shift in the SEC’s approach to crypto regulation amid political pressure and upcoming elections.

Gurbir Grewal, the head of the SEC’s enforcement division, will step down on October 11, 2024, after a tenure marked by aggressive regulation, particularly in the cryptocurrency sector.

During his leadership, the SEC pursued over 100 enforcement actions, including high-profile cases against major crypto platforms.

Today we announced that Gurbir S. Grewal, Director of the Division of Enforcement, will depart the agency, effective Oct. 11, 2024. https://t.co/4wXy6ka0qM pic.twitter.com/mnVf378bPi
— U.S. Securities and Exchange Commission (@SECGov) October 2, 2024

His departure has led to speculation that the SEC may take a softer stance on crypto regulation, especially as political pressure mounts with the upcoming U.S. presidential election.

Republican candidate Donald Trump has vowed to dismiss SEC Chair Gary Gensler if elected, while Democratic candidate Kamala Harris supports U.S. leadership in the crypto industry.

JUST IN: 🇺🇸 SEC Director of Enforcement Gurbir Grewal is stepping down and departing the agency 👀 pic.twitter.com/Sb3gWxW6KR
— Bitcoin Magazine (@BitcoinMagazine) October 2, 2024

Grewal’s exit has fueled debate within the industry, with some, like Jake Chervinsky of Variant Fund, suggesting it could mark the end of what they view as excessive enforcement.

Sanjay Wadhwa, the division’s deputy director, will serve as acting director.