David Hirsch, Head of the SEC's Crypto Asset and Cyber Unit, resigned last Friday after a critical year managing key market crises, including the FTX collapse. Hirsch began his work with the SEC in Fort Worth in 2015 and became head of the crypto enforcement section in October 2022.
Under his leadership, the unit aggressively pursued financial wrongdoing in cryptocurrency, taking significant action against companies such as Coinbase, Binance, and Kraken. His retirement comes at a time of considerable regulatory upheaval.
Notably, in May, under political pressure and investor demand, the SEC approved the first spot of Ethereum ETFs, potentially relaxing its stringent stance on cryptocurrency.
As Hirsch steps down, citing personal time and future challenges, the crypto community awaits his next move. His work dramatically increased the SEC's crypto enforcement powers, accelerating crackdowns on illicit actions in the crypto space.
This change comes as crypto legislation becomes a hot topic on the political front, potentially affecting future regulatory measures in the US.
