SEC Enforcement Director Steps Down

In an announcement made on Oct. 2, the Securities and Exchange Commission (SEC) revealed that Gurbir Grewal, their chief enforcer, will be stepping down from his position on Oct. 11. Grewal’s time in the role has been marked by his vigilant oversight of the cryptocurrency industry.

The SEC has not yet chosen a permanent replacement for Grewal, but for the time being, Sanjay Wadhwa, the deputy director of the enforcement division, will serve as acting director.

As chief enforcer, Grewal has taken action against over 100 cases of noncompliance in the rapidly expanding crypto space, including targeting the largest cryptocurrency trading platforms in the world.

Grewal’s sudden departure has sparked speculation about the SEC potentially shifting towards a more lenient stance on cryptocurrencies.

In September, Democratic presidential nominee Kamala Harris broke her silence on the matter, expressing her desire for the United States to have a dominant presence in the industry.