NEW YORK, Oct 2 (Reuters) - Gurbir Grewal, the U.S. Securities and Exchange Commission's (SEC) enforcement director, is set to leave the agency on October 11, marking the end of a three-year tenure characterized by intensified enforcement actions against Wall Street and cryptocurrency firms. Grewal has led the SEC's 1,500-person enforcement unit since July 2021, following his role as New Jersey attorney general.
During his leadership, the SEC has pursued significant cases in the crypto sector, including lawsuits against exchanges Binance and Coinbase for facilitating illicit offerings to retail investors. The agency also charged FTX in a larger government action concerning the exchange's multibillion-dollar fraud.
Under Grewal, the SEC has implemented a multi-year investigation into Wall Street's use of personal devices and messaging apps like WhatsApp for business communications, resulting in over $2 billion in civil fines against various firms, including JP Morgan Chase, Goldman Sachs, and Morgan Stanley.
Grewal's departure comes as the SEC continues to face criticism from cryptocurrency and Wall Street firms for its stringent enforcement measures. Deputy Director Sanjay Wadhwa will take over as acting director following Grewal's exit.
Reporting by Chris Prentice; Editing by Mark Porter