Head of the SEC’s Crypto and Cyber Unit Resigns

David Hirsch, the head of the SEC’s Crypto and Cyber Unit, has announced his resignation after nearly nine years with the agency. During his tenure, Hirsch oversaw significant enforcement actions in the crypto space.

His departure comes amidst ongoing changes within the SEC, including a potential shift in how the agency regulates cryptocurrencies, highlighted by recent ETF approvals and statements from SEC Chairman Gary Gensler.

David Hirsch Announces Departure After Nearly a Decade

David Hirsch, who served as the head of the U.S. Securities and Exchange Commission’s (SEC) Crypto and Cyber Unit, announced his resignation on June 17, 2024, after nearly nine years with the SEC.

Hirsch reported that he completed his final day at the SEC last Friday and plans to spend some time on vacation with his family before embarking on new challenges.

Hirsch expressed pride in the work accomplished during his tenure, stating, “During my time at the SEC, I had the opportunity to tackle complex and challenging investigations and issues that I could not have imagined when I joined the Fort Worth Regional Office as a staff attorney.” He spoke highly of the historic work his team achieved under his leadership.

This past Friday was my last day with the SEC after almost 9 years. During that time I had the opportunity to work on more complex, challenging investigations and issues than I ever imagined when I joined the agency as a staff attorney in the Fort Worth Regional Office. I’m particularly proud of the historic work done by the Crypto Assets and Cyber Unit team I had the privilege to lead.

I am deeply indebted to too many mentors, leaders, colleagues and friends to name here. And that includes amazing partners across state, federal and international regulators and law enforcement.

As I often say, securities enforcement is a team sport, and that was certainly true throughout my tenure. Every success I was a part of was the direct result of collaboration and combined efforts towards a common goal. Thanks to all of you!

While it is hard to leave an agency that has given me so much, I am very excited for the next set of challenges. I look forward to sharing more about that soon, but for now I’m excited for a break and travel with my family before my son heads to college in the fall.

The Crypto and Cyber Unit, led by Hirsch, was responsible for addressing securities law violations related to various aspects of the cryptocurrency industry, including exchanges, lending, staking, stablecoins, DeFi, and NFTs.

Over the past several years, the SEC has taken numerous enforcement actions against crypto-related companies. However, the SEC has faced criticism for designating cryptocurrencies as securities without clear guidelines.

Hirsch’s resignation follows the SEC’s routine personnel changes within its enforcement division. Recently, attorney Radan Stewart, who was involved in lawsuits against Ripple and Coinbase, also resigned after eight years of service.

Hirsch’s departure has drawn attention due to the SEC’s ongoing involvement with the cryptocurrency sector.

The SEC, previously perceived as adversarial towards cryptocurrency, approved a Bitcoin spot ETF in January. Additionally, SEC Chairman Gary Gensler recently mentioned that an Ethereum spot ETF is likely to be approved by this summer.

These developments signal a potential shift in the SEC’s stance on cryptocurrency regulation, drawing significant public interest.