The Departure of SEC Crypto Asset Enforcement Chief David Hirsch

The Departure of SEC Crypto Asset Enforcement Chief David Hirsch

Recently, David Hirsch, the chief of crypto asset enforcement at the SEC, announced his departure from the agency on June 17. Having served at the agency for nearly nine years, Hirsch expressed pride in the work accomplished by the Crypto Assets and Cyber Unit team under his leadership.

Hirsch took the lead of the SEC’s Crypto Asset and Cyber Unit in the Division of Enforcement in October 2022. During his tenure, the agency handled around 45 crypto-related cases. Additionally, Hirsch worked as an enforcement attorney at the SEC’s Fort Worth Regional Office from 2015 until recently. Between September 2020 and October 2022, he also served as counsel to SEC Commissioner Caroline Crenshaw, who is known for her critical views on crypto.

Following his departure, Hirsch mentioned that he would share more details about his future plans after taking a personal break. It is clear that his dedication to the field of crypto enforcement has left a mark on the agency.

In a surprising turn of events, memecoin launchpad Pump.fun falsely claimed that Hirsch had joined their project after extensive conversations with one of their team members. The platform even alleged that Hirsch had been involved in launching over 100 coins. However, Hirsch promptly refuted these claims by stating that the information provided by Pump.fun was entirely false.

Eleanor Terrett, a reporter from Fox Business, criticized the level of misinformation spread by Pump.fun, deeming it as “cringe-worthy.” She further highlighted that SEC staff members are prohibited from holding or trading cryptocurrencies while working at the agency, emphasizing the importance of transparency and integrity within the regulatory body.

David Hirsch’s departure from the SEC marks the end of an era in the realm of crypto asset enforcement. His contributions and leadership have significantly impacted the agency’s approach to regulating the crypto industry. Despite facing false allegations, Hirsch remains steadfast in upholding the truth and ethical standards in the field. It remains to be seen what lies ahead for both David Hirsch and the SEC’s Crypto Assets and Cyber Unit following his departure.

Regulation

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