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- Former SEC Enforcement Director Grewal joins Milbank LLP, boosting its crypto observe.
- Grewal’s transfer to Milbank raises hypothesis about him defending crypto companies towards the SEC.
- SEC continues strict crypto enforcement underneath new director Sanjay Wadhwa after Grewal’s exit.
Former U.S. Securities and Change Fee (SEC) Enforcement Director Gurbir Grewal has joined Milbank LLP.
Grewal’s departure comes because the SEC filed its enchantment discover within the Ripple case, resulting in hypothesis about whether or not his subsequent transfer will contain defending crypto companies towards the SEC. With intensive enforcement expertise, Grewal’s transfer might impression the crypto business, particularly given Milbank’s work in blockchain and crypto regulation.
Milbank’s Crypto Experience
Milbank’s crypto involvement started in 2019 when then-partner Douglas Landy co-authored a chapter on Distributed Ledger Expertise in Blockchain and Crypto Belongings Regulation. After Landy left in 2021 for White & Case, Milbank maintained its crypto regulation experience, permitting Grewal to additional construct the agency’s capabilities.
Learn additionally : SEC vs. Coinbase: Change Seeks Readability Concerning Crypto Laws
Ladan Stewart, who headed the SEC’s first-ever Crypto and Cyber Litigation unit, left the company in early 2024 to affix White & Case LLP. Stewart performed a key position in high-profile instances just like the SEC’s lawsuit towards Coinbase and the continuing dispute with Ripple over XRP’s standing as a safety.
New Management on the SEC
The SEC named Sanjay Wadhwa as Grewal’s successor. Throughout Grewal’s three-year tenure on the SEC, the company filed over 2,400 enforcement instances and picked up $20 billion in penalties, with a robust give attention to the crypto market.
Learn additionally: SEC Enforcement Chief Gurbir Grewal to Depart, Sanjay Wadhwa to Succeed
His departure marks a shift within the SEC’s management, however the company stays dedicated to its strict strategy underneath Wadhwa. Over 100 of the enforcement actions underneath Grewal focused crypto companies for alleged violations of federal securities legal guidelines.
Grewal’s transfer to Milbank happens throughout a essential interval for the crypto business, with the SEC concerned in key disputes, together with instances towards Ripple and Coinbase.
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