Leader of SEC’s Crypto Enforcement Unit Departs After 9 Years of Service
David Hirsch, the head of the Crypto Asset and Cyber Unit within the Division of Enforcement at the U.S. Securities and Exchange Commission (SEC), has bid farewell to the agency after nearly a decade of dedicated service. During his tenure, Hirsch played a pivotal role in spearheading numerous enforcement actions against prominent crypto companies, including industry giants Binance and Coinbase.
In a recent announcement on Linkedin, Hirsch expressed his gratitude for the enriching experience he had at the SEC, stating, “This past Friday marked my final day with the SEC after almost 9 years. Throughout this time, I had the privilege to engage in more intricate and challenging investigations and matters than I ever envisioned when I first joined the agency as a staff attorney in the Fort Worth Regional Office. I am particularly proud of the groundbreaking work accomplished by the team at the Crypto Assets and Cyber Unit, which I had the honor to lead.”
While Hirsch did not disclose his future plans, he hinted at upcoming endeavors, saying, “I am eagerly anticipating the next chapter of challenges. I look forward to unveiling more details soon, but for now, I am excited to take a break and embark on some travel with my family before my son embarks on his college journey in the fall.”
Throughout his leadership, Hirsch played a crucial role in the SEC’s crackdown on violations within the cryptocurrency sector, focusing on issues such as unregistered securities offerings, fraud, and market manipulation. In September of the previous year, Hirsch had issued a warning that additional enforcement actions against crypto companies not in compliance with SEC regulations were imminent. His departure comes at a significant juncture, amidst the SEC’s ongoing endeavors to regulate the crypto market through what is often referred to as “regulation by enforcement.”
In a statement released in November of the previous year, the SEC highlighted the impactful enforcement efforts during the fiscal year, particularly in relation to crypto asset securities. The regulator underscored several high-profile cases involving companies such as Terraform Labs, FTX, Genesis, Gemini, Celsius, Kraken, Nexo, Beaxy, Bittrex, Binance, and Coinbase.
What are your thoughts on David Hirsch’s departure as the head of the SEC’s Crypto Asset and Cyber Unit in the Division of Enforcement? Do you believe his exit will have any implications on the crypto industry? Share your opinions in the comments section below.
