Gurbir Grewal, who has led the US Securities and Exchange Commission's (SEC) enforcement division since mid-2021, will step down by the end of this month.
Sanjay Wadhwa, the current deputy director of the division, will take over as acting director starting October 11, according to the SEC.
Reflecting on his time at the SEC, Grewal expressed pride in the division's achievements, "from recalibrating penalties and remedies to confronting emerging risks to holding issuers, insiders, and gatekeepers accountable." He also thanked SEC Chair Gary Gensler for the opportunity to lead the team and for his commitment to protecting investors.
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Grewal joined the SEC in June 2021, just a few months after Gensler took office. Together, they worked to toughen the oversight, especially in the crypto industry—over the past few years, they launched more than 100 enforcement actions against crypto firms. In May 2022, the SEC's crypto assets and cyber unit grew to a 50-person team.
Commenting on Grewal's departure, Gensler praised his leadership and noted that his integrity and focus on investor protection were key drivers behind the division's successes. Gensler added:
He has led a division that has acted without fear or favor, following the facts and the law wherever they may lead. I greatly enjoyed working with him and wish him well.
Grewal's departure has sparked speculation about possible changes in the SEC's approach to crypto regulation, with some observers hoping that the regulator might ease up on its aggressive enforcement.
However, early signs suggest otherwise. Just an hour after Grewal's resignation was announced, the SEC filed an appeal to overturn a court decision, which ruled that XRP is not classified as a security when sold on public crypto exchanges.
