- Former SEC Enforcement Director Grewal joins Milbank LLP, boosting its crypto practice.
- Grewal’s move to Milbank raises speculation about him defending crypto firms against the SEC.
- SEC continues strict crypto enforcement under new director Sanjay Wadhwa after Grewal’s exit.
Former U.S. Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal has joined Milbank LLP.
Grewal’s departure comes as the SEC filed its appeal notice in the Ripple case, leading to speculation about whether his next move will involve defending crypto firms against the SEC. With extensive enforcement experience, Grewal’s move could impact the crypto industry, especially given Milbank’s work in blockchain and crypto regulation.
Milbank’s Crypto Expertise
Milbank’s crypto involvement began in 2019 when then-partner Douglas Landy co-authored a chapter on Distributed Ledger Technology in Blockchain and Crypto Assets Regulation. After Landy left in 2021 for White & Case, Milbank maintained its crypto regulation expertise, allowing Grewal to further build the firm’s capabilities.
Read also : SEC vs. Coinbase: Exchange Seeks Clarity Regarding Crypto Regulations
Ladan Stewart, who headed the SEC’s first-ever Crypto and Cyber Litigation unit, left the agency in early 2024 to join White & Case LLP. Stewart played a key role in high-profile cases like the SEC’s lawsuit against Coinbase and the ongoing dispute with Ripple over XRP’s status as a security.
New Leadership at the SEC
The SEC named Sanjay Wadhwa as Grewal’s successor. During Grewal’s three-year tenure at the SEC, the agency filed over 2,400 enforcement cases and collected $20 billion in penalties, with a strong focus on the crypto market.
Read also: SEC Enforcement Chief Gurbir Grewal to Depart, Sanjay Wadhwa to Succeed
His departure marks a shift in the SEC’s leadership, but the agency remains committed to its strict approach under Wadhwa. Over 100 of the enforcement actions under Grewal targeted crypto businesses for alleged violations of federal securities laws.
Grewal’s move to Milbank occurs during a critical period for the crypto industry, with the SEC involved in key disputes, including cases against Ripple and Coinbase.
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