Gurbir S. Grewal, the SEC Director of Enforcement, is exiting the agency, according to the SEC.
Sanjay Wadhwa, currently the Deputy Director of Enforcement, will step in as acting Director in the interim. Wadhwa joined the SEC as a staff attorney in Enforcement in 2003.
The reason for Grewal’s departure was not immediately clear.
SEC Chairman Gary Gensler said the Commission has been very fortunate to have Grewal leading enforcement during the past three years.
“Every day, he has thought about how to best protect investors and help ensure market participants comply with our time-tested securities laws. He has led a Division that has acted without fear or favor, following the facts and the law wherever they may lead. I greatly enjoyed working with him and wish him well.”
Grewal said he was very proud of what they had accomplished at the Division and thanked Chairman Gensler for the opportunity to lead Enforcement.
During Grewal’s tenure, there was a heightened focus on crypto-related enforcement actions. Grewel’s guidance resulted in more than 2,400 enforcement matters, resulting in orders for more than $20 billion in disgorgement, prejudgment interest, and civil penalties, more than 340 industry bars against individuals, more than $1 billion in awards to whistleblowers, and the return of billions of dollars to investors.
More than 100 enforcement actions targeted the crypto industry, including against the operators of the largest crypto exchanges in the world.
Before joining the SEC, Grewal was the Attorney General for the State of New Jersey. Grewal holds a JD from the College of William & Mary, Marshall-Wythe School of Law, and a BS in Foreign Service from the Georgetown University School of Foreign Service.
Often, around the time of a presidential election, appointed offices will exit to leverage their experience and knowledge in government for the private sector.
