Gurbir Grewal, the director of enforcement at the U.S. Securities and Exchange Commission (SEC), is leaving his position, as announced in a press release on Wednesday. His last day in office will be on October 11th. Following his departure, Sanjay Wadhwa, the deputy director of enforcement, will serve as the acting director of the SEC’s enforcement division. Additionally, Sam Waldon, who currently holds the position of chief counsel for the enforcement division, will take on the role of acting deputy director.
SEC Chairman Gary Gensler expressed his appreciation for Grewal’s service, stating, “We have been incredibly fortunate that such an accomplished public servant, Gurbir Grewal, came to the SEC to lead the Division of Enforcement for the last three years.” Gensler commended Grewal for his dedication to protecting investors and ensuring compliance with securities laws. During Grewal’s tenure, the SEC authorized over 2,400 enforcement actions, resulting in more than $20 billion in disgorgement and civil penalties. Additionally, over $1 billion was awarded to whistleblowers under his leadership.
The SEC highlighted Grewal’s significant contributions to enforcement actions in the cryptocurrency space. The agency noted that under his guidance, more than 100 enforcement actions were recommended and authorized by the Commission, addressing widespread noncompliance within the rapidly expanding crypto industry. These actions targeted major crypto asset trading platforms globally, as well as the largest platform in the United States, for failing to adhere to registration provisions outlined in federal securities laws.
In recent weeks, the SEC has announced several enforcement actions and settlements related to cryptocurrencies, including cases involving eToro, Mango Markets, and Galois Capital. These initiatives were part of the agency’s efforts to address issues within the crypto market before the end of the fiscal year.
Grewal’s departure marks the end of a successful chapter in the SEC’s enforcement division. As Wadhwa and Waldon step into their new roles, the agency will continue its mission to uphold investor protection and enforce securities laws in the ever-evolving financial landscape.