The leader 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 dedicating nine years to his role. During his tenure, the SEC undertook numerous enforcement actions against prominent crypto firms such as Binance and Coinbase.
David Hirsch, the head of the Crypto Asset and Cyber Unit at the SEC, took to LinkedIn on Monday to announce his departure after nearly a decade of service:
"Last Friday marked my final day at the SEC after close to 9 years. Throughout this period, I had the privilege of working on intricate and challenging investigations and matters that surpassed my initial expectations when I first joined as a staff attorney in the Fort Worth Regional Office. I am particularly proud of the groundbreaking work carried out by the team at the Crypto Assets and Cyber Unit that I had the honor of leading," he expressed. "Enforcing securities laws is a collaborative effort, and that spirit of teamwork was evident throughout my time here. Every success I was a part of was a result of collective efforts working towards a shared objective."
Although Hirsch did not reveal his future plans, he mentioned: "I am eagerly anticipating the next chapter of challenges. I will be sharing more details soon, but for now, I am looking forward to taking a break and traveling with my family before my son embarks on his college journey in the autumn."
Hirsch played a pivotal role in the SEC's crackdown on major cryptocurrency companies. Under his leadership, the SEC actively pursued violations in the crypto industry, including unauthorized securities offerings, fraud, and market manipulation. In September of last year, Hirsch hinted at forthcoming enforcement actions against crypto firms that were not properly registered with the regulator. His departure is significant, coming at a time when the SEC is intensifying its efforts to oversee the crypto market, often referred to as "regulation by enforcement."
In November of last year, the SEC emphasized: "Fiscal year 2023 was another highly productive and impactful year for the SEC's enforcement actions concerning crypto asset securities." The regulator highlighted various high-profile crypto cases involving Terraform Labs and its co-founder Do Kwon, Richard Heart and his affiliated entities, former FTX CEO Sam Bankman-Fried (SBF), Genesis and Gemini, Celsius, Kraken, Nexo, Beaxy, Bittrex, Binance, and Coinbase.
What are your thoughts on David Hirsch, the head of the SEC's Crypto Asset and Cyber Unit within the Division of Enforcement, stepping down? Do you believe his departure will have a positive impact on the crypto industry? Share your opinions in the comments below.