Gurbir Grewal, the Director of the Division of Enforcement for the Securities and Exchange, is parting ways with the agency, according to a Wednesday announcement.
Grewal, a former New Jersey attorney general, will depart the SEC on Oct. 11.
As reported by U.Today, he joined the agency as the top cop back in June 2021 after Alex Oh, the previous director of enforcement, abruptly left the SEC.
Sanjay Wadhwa, who joined the SEC all the way back in the early 00s, has been named as the SEC's acting director of enforcement.
It is worth noting that Grewal is particularly known for his aggressively anti-crypto stance. He has brought lawsuits against many firms within the industry during his tenure. These firms include such big names as Coinbase and Kraken.
Earlier this year, Grewal attracted criticism from Stuart Alderoty, Ripple's top lawyer, after the former accused the cryptocurrency industry of refusing to follow the rules that apply to other industries. Back then, Grewal stated that the cryptocurrency industry was not going to get its own rules. He has also criticized the cryptocurrency industry for trying to undermine the authority of the SEC.
While commenting on his departure, Grewal thanked SEC Chair Gary Genser for his "unwavering commitment to investor protection."
Grewal's upcoming departure has been met positively within the industry given that he has presided over the SEC's widening crackdown against the industry. "Don’t let the door hit you on the way out," Alexander Grieve, vice president of government affairs at cryptocurrency investment firm Paradigm said in response to the news.
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov
U.Today Editorial Team