The head investigator of the U.S. Securities and Exchange Commission (SEC), Gurbir Grewal, has said he will be leaving the office on October 11. During his time at the SEC, Gurbir Grewal put a lot of effort into making sure that rules were followed in the quickly changing bitcoin market.
Since there isn’t a clear replacement for Grewal yet, Sanjay Wadhwa, who is the deputy director of the SEC’s enforcement section, will step in as director. During Grewal’s time in office, more than 100 enforcement steps were taken against different crypto organizations, including some of the world’s biggest trading sites.
People are wondering if the SEC will change how it regulates cryptocurrencies now that he has left. Recent words from politicians, like Kamala Harris, the Democratic candidate for president, have led to this rumor. Harris stressed how important it is for the U.S. to keep its lead in the crypto industry.
The SEC is under more and more political pressure as the November election for president draws near. If Donald Trump wins the election, he has promised to fire SEC Chair Gary Gensler. Gensler was recently criticized by lawmakers in a House meeting for how he handled crypto rules.
In response to the SEC’s strict regulation measures, the cryptocurrency business is actively pushing back. Fairshake, a group backed by big crypto companies like Ripple and Coinbase, is said to have raised over $169 million to help its campaign in the 2024 election cycle.
Grewal was proud of what he had done during his three years at the SEC, which included changing fines, dealing with new risks, and making market players responsible for their actions. He has made a big difference in how the government regulates digital assets because of his guidance.
