Gurbir Grewal left the SEC after working there for three years and completing over a hundred enforcement cases pertaining to cryptocurrencies.
The director of enforcement for the U.S. Securities and Exchange Commission, Gurbir Grewal, will leave the federal regulator on October 11th, according to a statement from the agency.
Grewal oversaw more than 2,400 lawsuits and more than $20 billion in civil fines for the watchdog. In at least 100 of those instances, defendants claimed to have violated federal securities laws by suing cryptocurrency companies, operators of digital assets, and suppliers of virtual currency.
Grewal recently oversaw settlements with eToro, Galois Capital, and Mango Markets while leading the regulator’s enforcement division.
Although most cryptocurrency litigation was filed in the previous year, Grewal oversaw the largest crypto-SEC settlement in 2024. A $4.68 billion agreement was reached by the SEC and the struggling blockchain company Terraform Labs.
In addition, Grewal managed enforcement operations against two of the largest cryptocurrency exchanges in the world, Binance and Coinbase, in the United States. Grewal received praise from the SEC for his efforts in these areas. SEC on Gurbir Grewal’s departure:
Under Mr. Grewal’s leadership, the Division recommended and the Commission authorized more than 100 enforcement actions addressing widespread noncompliance in the quickly growing crypto space, including against the operators of the largest crypto asset trading platforms in the world and the operator of the largest crypto asset trading platform in the United States for depriving investors of crucial investor protections by not complying with the registration provisions of the federal securities laws.”
Sanjay Wadhwa, Grewal’s deputy, was named as the acting director of the SEC’s enforcement division and his temporary replacement.
Leaders in the cryptocurrency community rejoiced upon hearing the news. In fact, some in the digital asset ecosystem see Grewal and SEC chair Gary Gensler as two of the biggest rivals in the business.
Gensler and Grewal frequently compare the crypto complex to the Wild West. Supporters of cryptocurrencies have retorted that the SEC rules in confusion rather than in good faith and clarity.
