- Former SEC Director of Enforcement Grewal joins Milbank LLP to strengthen its crypto apply.
- Grewal's transfer to Milbank prompts hypothesis that he’s defending crypto companies from the SEC.
- The SEC continues its strict enforcement of cryptocurrencies below new director Sanjay Wadhwa following Grewal's departure.
Former US Securities and Alternate Fee (SEC) Director Gurbir Grewal has joined Milbank LLP.
Grewal's departure comes because the SEC filed an attraction within the Ripple case, resulting in hypothesis about whether or not his subsequent transfer will embrace defending the crypto agency in opposition to the SEC. With intensive enforcement expertise, Grewal's transfer may influence the crypto trade, particularly given Milbank's work on blockchain and cryptocurrency regulation.
Milbank Crypto Experience
Milbank's involvement in cryptocurrencies started in 2019, when then-partner Douglas Landy co-authored a chapter on Distributed Ledger Expertise in Blockchain and Crypto Asset Regulation. After Landy left for White & Case in 2021, Milbank retained its cryptocurrency regulatory experience, permitting Grewal to additional construct the agency's capabilities.
Additionally Learn: SEC Vs. Coinbase: Alternate seeks readability on crypto laws
Ladan Stewart, who led the SEC's first-ever crypto and cyber litigation unit, left the company in early 2024 to hitch White & Case LLP. Stewart has performed a key function in high-profile circumstances such because the SEC's lawsuit in opposition to Coinbase and the continuing dispute with Ripple over XRP's standing as a safety.
New management within 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 fines, with a powerful concentrate on the crypto market.
Additionally Learn: SEC Enforcement Chief Gurbir Grewal Exits, Sanjay Wadhwa Succeeds
His departure marks a shift in SEC management, however the company stays dedicated to its strict method below Wadhawa. Greater than 100 enforcement actions below Grewal have focused crypto companies for alleged violations of federal securities legal guidelines.
Grewal strikes to Milbank throughout a important time for the crypto trade, with the SEC concerned in key disputes, together with circumstances in opposition to Ripple and Coinbase.
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