The Securities and Exchange Commission’s (SEC) crypto asset enforcement chief, David Hirsch, made headlines on June 17 when he announced his departure from the agency. After nearly nine years of service at the SEC, Hirsch expressed his pride in the groundbreaking work accomplished by the Crypto Assets and Cyber Unit team under his leadership.
Taking the reins of the SEC’s Crypto Asset and Cyber Unit in the Division of Enforcement in October 2022, Hirsch oversaw a spate of 45 crypto-related cases during his tenure. Prior to this role, Hirsch also contributed his expertise as an enforcement attorney at the SEC’s Fort Worth Regional Office, a position he held from 2015 until his recent departure. Notably, from September 2020 to October 2022, he served as counsel to SEC Commissioner Caroline Crenshaw, known for her firm stance on matters concerning cryptocurrency.
Following his announcement of leaving the SEC, Hirsch took a stand against misinformation circulating about his next steps. In response to claims made by memecoin launchpad Pump.fun that he had joined their project and facilitated the launch of over 100 coins, Hirsch promptly refuted the statements, asserting, “This claim by pumpdotfun is false.” In light of these unfounded allegations, Fox Business reporter Eleanor Terrett called attention to the proliferation of false information, labeling it as “cringe-worthy” and emphasizing that SEC personnel are prohibited from holding cryptocurrency while in office.
As David Hirsch transitions out of his role at the SEC, he hinted at unveiling more details about his future endeavors following a well-deserved period of personal time off. His departure marks the end of an era characterized by diligent enforcement efforts and a commitment to upholding regulatory standards within the realm of crypto assets. While his exit may leave a void within the agency, Hirsch’s departure serves as a reminder of the ever-evolving landscape of cryptocurrency and the challenges it poses for regulatory bodies like the SEC.
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