As a crypto investor with a background in law and a deep interest in the regulatory landscape, I’m both intrigued and concerned by the recent developments at the U.S. Securities and Exchange Commission (SEC). David Hirsch, a former colleague and head of the Crypto Asset and Cyber Unit, recently announced his departure after nine years of service. His tenure saw him overseeing some of the most complex investigations in this emerging field.
As a seasoned professional with nearly a decade of experience at the SEC, I, David Hirsch, felt it was the right moment to step down and embark on new opportunities in the crypto space.
Exodus of Staff From The U.S. SEC
Before this point, Hirsch held the position of head of the Crypto Asset and Cyber Unit in the Division of Enforcement at the SEC. He made an announcement on the professional networking site LinkedIn about his departure from the Securities and Exchange Commission. According to Hirsch, June 14 was his final day with the agency after a nine-year tenure.
Notably, Hirsch served as a legal advisory board member at the NYU Center of Cybersecurity.
As an analyst looking back on Hirsch’s career, I can say that during his tenure at the SEC, I was fortunate enough to delve into intricate investigations and pressing matters that I had previously thought were beyond my reach. My professional journey with the agency commenced as a staff attorney in the Fort Worth Regional Office. Over the years, I advanced within the organization until I assumed the role of leading the SEC’s Crypto Asset and Cyber Unit.
As a researcher looking into the recent developments at the SEC, I can’t help but express my admiration for the significant accomplishments of our team. These achievements, in my view, mark a pivotal moment in the history of this esteemed organization. Regarding my departure, I’d prefer to keep the reasons private for now. However, I assure you that I will share my future plans once I’ve had a chance to recharge and reflect.
Likewise, after spending eight years in the SEC’s enforcement division, handling notable lawsuits against Ripple and Coinbase, Ladan Stewart, a former attorney, departed from the Securities and Exchange Commission. Subsequently, she became a partner at White & Case LLP.
Absurd Monetary Requests In Fines
As an analyst, I would put it this way: Due to a mass departure of employees from the Securities and Exchange Commission (SEC), Chair Gary Gensler made an unusual request for a budget increase of $2.4 billion. With plans to hire an additional 170 staff members, his focus is primarily on strengthening the crypto and cyber unit teams.
The commission’s commitment to carrying out its responsibilities has not wavered despite these departures. In fact, it has led to an increased focus on weeding out cryptocurrency companies that flout federal securities laws.
Recently, the regulatory body has demanded that Terraform Labs and its founder Do Kwon make reparations totaling $4.47 billion. This includes a penalty of $420 million and an amount equal to $3.58 billion in disgorgement. Regrettably for Terraform Labs, their current assets under management only amount to roughly $75 million, making it a significant challenge for them to meet this substantial financial obligation.
Ripple, a company specializing in blockchain payments, contends that the proposed $2 billion penalty imposed by the regulatory body is excessively large.
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2024-06-17 17:30