- Former SEC Enforcement Director Grewal Joins Milbank LLP, Strengthening Its Crypto Apply.
- Grewal's transfer to Milbank sparks hypothesis that he’ll defend crypto firms in opposition to the SEC.
- The SEC continues to strictly implement crypto underneath new director Sanjay Wadhwa following Grewal's departure.
Gurbir Grewal, former chief enforcement officer of the U.S. Securities and Trade Fee (SEC), has joined Milbank LLP.
Grewal's departure comes because the SEC filed its discover of enchantment within the Ripple case, resulting in hypothesis that its subsequent transfer will contain defending crypto firms in opposition to the SEC. With in depth enforcement expertise, Grewal's choice may impression the crypto business, particularly given Milbank's work in blockchain and crypto regulation.
Milbank’s cryptographic experience
Milbank's involvement in crypto started in 2019 when then-partner Douglas Landy co-authored a chapter on distributed ledger expertise within the regulation of blockchain and crypto belongings. Following Landy's departure in 2021 for White & Case, Milbank maintained its experience in crypto regulation, permitting Grewal to additional strengthen the agency's capabilities.
Additionally learn: SEC vs Coinbase: Trade seeks clarification on crypto rules
Ladan Stewart, who led the SEC's first-ever Crypto and Cyber Litigation unit, left the company in early 2024 to affix White & Case LLP. Stewart has performed a key position in high-profile circumstances such because the SEC's lawsuit in opposition to Coinbase and the continued dispute with Ripple over the standing of XRP 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 greater than 2,400 enforcement circumstances and picked up $20 billion in penalties, with a concentrate on the crypto market.
Additionally Learn: SEC Enforcement Chief Gurbir Grewal To Go away, Sanjay Wadhwa To Succeed
His departure marks a change in SEC management, however the company stays dedicated to its strict method underneath Wadhwa. Greater than 100 of the enforcement actions taken underneath Grewal have focused crypto firms for alleged violations of federal securities legal guidelines.
Grewal's transfer to Milbank comes throughout a vital time for the crypto business, with the SEC embroiled in key litigation, together with circumstances in opposition to Ripple and Coinbase.
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