Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
SEC Enforcement Chief Grewal Leaves to Join Milbank LLP
SEC | Oct 7, 2024
Image by Freepik
Gurbir Grewal departs the SEC to work for Milbank LLP After Aggressive Enforcement Tenure
In an Oct 2 press release, the SEC announced that Gurbir S. Grewal, the Director of Enforcement will leave on October 11, 2024 to become a partner in the litigation and arbitration of Milbank LLP. During his three year tenure at the SEC, Grewal oversaw more than 2,400 enforcement proceedings and obtained more than $20 billion in fines and disgorgements. Sanjay Wadhwa, the current Deputy Director, will take over as Acting Director.
- As the crypto sector can easily attest to, during Grewal time at the SEC he oversaw cryptocurrency enforcement with over 100 actions targeting major platforms for securities violations, such as the sale of Ripple's XRP token, Coinbase's staking services, and Kraken's staking program too.
- Grewal boosted penalties to serve as deterrants, and more than $1 billion was awarded to whistleblowers during his time.
- He also emphasized recordkeeping compliance and transparency, which lead to over $2 billion in fines to regulated entities.
- Prior to Grewal's post at the SEC he served as New Jersey’s Attorney General focusing on securities fraud and economic crimes.
See: SEC Enforcement Director Grewal On Crypto Regulation
Gurbir S. Grewal:
“While we have faced and overcome many challenges over the last three plus years, there has been one constant throughout: the public servants of the Enforcement Division stand ready to do everything they can to protect investors and market integrity. Their expertise, professionalism, and dedication are, indeed, unparalleled, and it has been the privilege of a lifetime to have been able to call them colleagues. From recalibrating penalties and remedies to confronting emerging risks to holding issuers, insiders, and gatekeepers accountable, I am incredibly proud of all that we’ve accomplished as a Division during my tenure. I am grateful to Chair Gensler not just for the opportunity to lead the Division, but also for his unwavering commitment to investor protection and support of a robust enforcement program.”
Conclusion
Grewal's exit could signal a shift in SEC's enforcement after having set the standard for strong protection and aggressive regulatory compliance. He brings a wealth of securities enforcement experience to his new role as partner at Milbank LLP.
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