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US Securities and Exchange Commission (SEC) director of enforcement Gurbir Grewal will step down on Oct. 11 after 3-years of leading the regulator in its aggressive policing of the crypto space. Deputy director of the SEC’s enforcement division, Sanjay Wadhwa, will serve as acting director until the agency selects a permanent replacement for Grewal, according to an Oct. 2 press release . Gurbir Grewal Recommended Over 100 Enforcement Actions Against Crypto Firms The SEC praised Grewal for his hard work during his time as the regulator’s chief enforcer, and said that it has been “incredibly fortunate that such an accomplished public servant” has led the SEC’s enforcement division in the last few years. According to the press release, Grewal recommended over 100 enforcement actions addressing the large-scale “noncompliance in the quickly growing crypto space.”  However, Grewal’s enforcement was not aimed at just the nascent crypt...

Republican lawmakers are pressing the US Securities and Exchange Commission (SEC) to clarify its stance on crypto airdrops by the end of the month, arguing that regulatory uncertainty is stifling innovation. House Financial Services Committee Chairman Patrick McHenry and Representative Tom Emmer expressed concerns over SEC Chair Gary Gensler’s approach to crypto airdrops in a Sept. 17 letter. “The SEC is putting its thumb on the scale and preventing American citizens from shaping the next iteration of the internet,” they wrote. SEC Has Targeted Firms That Execute Airdrops The SEC has a track record of targeting crypto firms involved in airdrops, including a 2022 lawsuit against Hydrogen Technology Corporation and its former CEO for allegedly distributing unregistered securities through an airdrop. This was after the firm minted 11 billion Hydro tokens as part of a fundraising initiative.  These past enforcement actions have added urgency to the lawmakers...