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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...

While the exact reason for the investigation hasn’t been revealed, it has been reported that the New York regulator plans on upping its efforts to protect consumers this year. Paxos Trust Company — the New York-based Stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is report edly being investigated by the New York Department of Financial Services (NYDFS). A “person familiar with the matter” told Bloomberg in a Feb. 10 report that the exact motive behind the probe is currently unclear. An NYDFS spokesperson declined to comment on ongoing investigations but noted that the department is broadly working to protect consumers from risks associated with investing in the cryptocurrency market: “The department is in continuous contact with regulated entities to understand vulnerabilities and risks to consumers and the institutions themselves from crypto market volatility we are experiencing.” Paxos has issued BUSD — a U.S. Dollar-collateralized stablecoin — since the firm...