Gurbir Grewal, the U.S. Securities and Exchange Commission’s top enforcement official, is leaving the agency after helping to lead a crackdown on the cryptocurrency industry and Wall Street’s use of off-channel communications.

Since his arrival at the SEC in 2021, Grewal has been in charge of the agency’s 1,300 enforcement attorneys as they brought hundreds of cases against companies and finance professionals. He was a regular speaker at industry conferences, frequently warning lawyers and auditors about their responsibility to protect investors. “Every day, he has thought about how to best protect investors and help ensure market participants comply with our time-tested securities laws,” SEC Chair Gary Gensler said in a statement. “He has led a division that has acted without fear or favor”

Grewal is leaving the agency for an attorney position in private practice, according to source.

— Bloomberg