SEC enforcement chief steps down after leading 100 crypto actions

Gurbir S. Grewal, the U.S. Securities and Exchange Commission (SEC)’s Director of the Division of Enforcement, is set to step down on October 11.

Grewal, who has held the position since 2021, played a key role in leading enforcement actions, particularly in the fast-growing crypto sector.

Under his leadership, the SEC pursued over 100 crypto-related cases, focusing on noncompliant platforms and insider trading, resulting in substantial financial penalties.

SEC Chair Gary Gensler praised Grewal’s work, noting his efforts in protecting investors and ensuring adherence to securities laws.

Gensler remarked that Grewal “has led a Division that has acted without fear or favor.”

During his tenure, the Enforcement Division recommended over 2,400 actions, securing more than $20 billion in disgorgement, prejudgment interest, and civil penalties.

Grewal also oversaw cases that led to over 340 industry bans and awarded more than $1 billion to whistleblowers.

The SEC emphasised that, during Grewal’s time, the agency took critical steps against cryptocurrency platforms failing to comply with federal registration laws.

These actions targeted both global and U.S.-based operators, enforcing regulatory compliance within the industry.

After Grewal’s departure, Sanjay Wadhwa, the current Deputy Director of the Division, will serve as Acting Director.

Sam Waldon, the SEC’s Chief Counsel, will take over as Acting Deputy Director.

Grewal’s exit comes as the SEC continues to face increasing scrutiny and challenges in regulating the rapidly evolving cryptocurrency market.