On October 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced that Gurbir S. Grewal, director of the enforcement division, will resign from his role next Friday. Grewal has led over 100 enforcement actions against cryptocurrency firms, particularly following the FTX collapse in 2022.
Grewal's tenure saw significant legal actions against major exchanges, including Coinbase and Binance. SEC Chair Gary Gensler praised Grewal's commitment to investor protection, while critics, including House Majority Whip Tom Emmer, expressed relief at his departure, suggesting it could signal a shift in the SEC's approach to digital assets.
In 2023 alone, the SEC initiated 784 enforcement actions, with Grewal highlighting the need to combat rampant noncompliance in the crypto sector. His leadership included notable cases such as the SEC’s lawsuit against Terraform Labs, which established that its stablecoin was an unregistered security.
While some crypto advocates view Grewal's exit positively, others argue it is unrelated to the ongoing scrutiny of the SEC's regulatory stance on cryptocurrencies.