SEC Enforcement Director Gurbir Grewal Resigns, Sanjay Wadhwa to Take Over Amid Ongoing Crypto Compliance Actions

Gurbir Grewal, the director of enforcement at the U.S. Securities and Exchange Commission (SEC), is stepping down. His last day will be October 11. After he leaves, Sanjay Wadhwa, currently the deputy director of enforcement, will take over as the acting director. Sam Waldon, who is the chief counsel for the enforcement division, will step in as acting deputy director.

SEC Chairman Gary Gensler expressed his appreciation for Grewal’s work. He said, “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 noted that Grewal consistently focused on protecting investors and ensuring compliance with securities laws.

During Grewal’s three years in the role, the SEC authorized over 2,400 enforcement actions. These actions led to more than $20 billion in disgorgement and civil penalties. The agency also awarded over $1 billion to whistleblowers, as mentioned in the press release.

The SEC highlighted Grewal’s achievements in the cryptocurrency sector. They stated, “Under Mr. Grewal’s leadership, the Division recommended and the Commission authorized more than 100 enforcement actions addressing widespread noncompliance in the quickly growing crypto space.” This includes actions against major crypto trading platforms for not complying with federal securities laws.

In recent weeks, the SEC has been active in the crypto space, announcing several enforcement actions and settlements. This includes cases involving eToro, Mango Markets, and Galois Capital, especially as the fiscal year comes to an end.