Gurbir Grewal, the director of enforcement for the U.S. Securities and Exchange Commission (SEC), is resigning effective October 11. Sanjay Wadhwa, Grewal’s deputy, will assume the role of acting director of the SEC’s enforcement division after Grewal's departure.

Gary Gensler, the SEC Chairman, praised Grewal's significant contributions:

“We have been incredibly fortunate that such an accomplished public servant, Gurbir Grewal, came to the SEC to lead the Division of Enforcement for the last three years. He has led a Division that has acted without fear or favor, following the facts and the law wherever they may lead.”

During his tenure, the SEC approved over 2,400 enforcement actions, accumulating more than $20 billion in penalties and over $1 billion in whistleblower awards. Under his leadership, significant actions were taken against the largest crypto trading platforms for regulatory noncompliance.

The SEC has intensified crypto enforcement, recently announcing actions against firms including eToro, Mango Markets, and Galois Capital.