Top SEC Enforcer Departs After Aggressive Wall Street and Crypto Crackdown

Gurbir Grewal, the enforcement director of the U.S. Securities and Exchange Commission (SEC), will be leaving the agency on Oct. 11. During his three-year tenure, the SEC intensified enforcement against Wall Street and cryptocurrency firms. Deputy Director Sanjay Wadhwa will take over as acting director.

Gurbir Grewal, the enforcement director of the U.S. Securities and Exchange Commission (SEC), will be stepping down from his role on Oct. 11, the agency announced on Wednesday. His departure marks the end of a three-year tenure characterized by a vigorous crackdown on Wall Street and cryptocurrency firms.

Grewal, who has been with the SEC since July 2021, previously served as New Jersey attorney general. Under his leadership, the SEC's 1,500-person enforcement unit pursued significant cases against major players in the crypto sector such as Binance and Coinbase. The agency also targeted illicit business practices on Wall Street, levying over $2 billion in fines against numerous firms including JP Morgan Chase, Goldman Sachs, and Morgan Stanley for off-channel communications via personal devices and apps like WhatsApp.

Deputy Director Sanjay Wadhwa will assume the role of acting director following Grewal's departure. The SEC also engaged in high-profile confrontations with billionaires Elon Musk and Carl Icahn during Grewal's tenure, reflecting its broadened enforcement scope.

(With inputs from agencies.)