- Former SEC Enforcement Director Grewal joins Milbank LLP, boosting its crypto practice.
- Grewal’s move to Milbank raises speculation about him defending crypto firms against the SEC.
- SEC continues strict crypto enforcement under new director Sanjay Wadhwa after Grewal’s exit.
Former U.S. Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal has joined Milbank LLP.
Grewal’s departure comes as the SEC filed its appeal notice in the Ripple case, leading to speculation about whether his next move will involve defending crypto firms against the SEC. With extensive enforcement experience, Grewal’s move could impact the crypto industry, especially given Milbank’s work in blockchain and crypto regulation.
Milbank’s Crypto Expertise
Milbank’s crypto involvement began in 2019 when then-partner Douglas Landy co-authored a chapter on Distributed Ledger Technology in Blockchain and Crypto Assets Regulation. After Landy left in 2021 for White Case, Milbank maintained its crypto regulation expertise, allowing Grewal to further build the firm’s capabilities.
Ladan Stewart, who headed the SEC’s first-ever Crypto and Cyber Litigation unit, left the agency in early 2024 to join White Case LLP. Stewart played a key role in high-profile cases like the SEC’s lawsuit against Coinbase and the ongoing dispute with Ripple over XRP’s status as a security.
New Leadership at the SEC
The SEC named Sanjay Wadhwa as Grewal’s successor. During Grewal’s three-year tenure at the SEC, the agency filed over 2,400 enforcement cases and collected $20 billion in penalties, with a strong focus on the crypto market.
His departure marks a shift in the SEC’s leadership, but the agency remains committed to its strict approach under Wadhwa. Over 100 of the enforcement actions under Grewal targeted crypto businesses for alleged violations of federal securities laws.
Grewal’s move to Milbank occurs during a critical period for the crypto industry, with the SEC involved in key disputes, including cases against Ripple and Coinbase.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
