Gurbir S. Grewal, the director of the Enforcement Division of the Securities and Exchange Commission (SEC), resigned Wednesday. During his 3 years in the position, the person concerned followed up on more than 100 actions against players in the crypto ecosystem.
Director of SEC Enforcement Division resigns
On Wednesday, Gurbir S. Grewal, the director of the Enforcement Division of the Securities and Exchange Commission (SEC), resigned. This fact is far from trivial, because it is under the direction of the person concerned that the Commission has taken most of its actions against the crypto ecosystem in recent years :
For example, under Mr. Grewal's leadership, the Division has recommended and the Commission has authorized more than 100 enforcement actions aimed at addressing widespread noncompliance in the growing cryptocurrency industry, including against operators of largest crypto asset trading platforms in the world […].
In total, this represents more than 4% of the 2,400 actions he recommended during his 3 years in office, all of which resulted in more than $20 billion in penalties.
👉 What is security and what does it mean for cryptocurrencies?
For his part, Gary Gensler congratulated the agent, saying that the SEC had a “incredible luck that such an accomplished civil servant» that Gurbir Grewal worked within the agency.
If this announcement comes at the same time as SEC's decision to appeal its lawsuit with Ripple (XRP)the timing could in reality only be the result of chance. Indeed, Bill Hughes, lawyer at Consensys, also points out that the balance sheet for the fiscal year in the United States was on September 30 and that it is therefore rather on this side that we should look for a coincidence.
For his part, the person spoke briefly on LinkedIn, talking about a difficult day, but also praised the work of his colleagues: “their professionalism and dedication are indeed second to none“.
👉 Also in the news — SEC appeals lawsuit against Ripple (XRP) despite last August ruling
While the official departure of Gurbir Grewal is announced on October 11Sanjay Wadhwa, the current deputy director of the service, will take charge. Over the coming months, we will be able to see if this change of direction has any impact in the proceedings against the crypto ecosystem.
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Source: SEC
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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