US SEC’s David Hirsch Resigns After Nine Years With the Agency

David Hirsch, the now-former Chief of the Crypto Asset and Cyber Unit in the Division of Enforcement with the US Securities and Exchange Commission (SEC) announced his resignation from the agency. Hirsch spent nearly nine years with the SEC, holding various positions during that time, eventually climbing to the position of the regulator’s Crypto Chief.

Leaving The SEC: What Comes Next For David Hirsch?

Hirsch announced his departure from the SEC in a recent post on LinkedIn. In it, he said: “This past Friday was my last day with the SEC after almost nine 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 am particularly proud of the historic work done by the Crypto Assets and Cyber Unit team I had the privilege to lead,” he added.

Reflecting on his time with the SEC, he said that he feels deeply indebted to many mentors, leaders, colleagues, and friends. “Every success I was a part of was the direct result of collaboration and combined efforts towards a common goal,” he noted.

Looking forward, he said that he is excited about the next challenges he will face, stating that he will share more details about what is coming next in the near future.

The SEC’s Relationship With The Crypto Industry Grows More Complex

As mentioned, Hirsch held several positions during his time with the SEC. One of them was the Enforcement Attorney based in Fort Worth. Before that, he spent over two years as the Counsel to Commissioner Caroline Crenshaw.

It is worth noting that during his time at the helm of the Crypto Asset and Cyber Unit in the Division of Enforcement, the SEC finally greenlit multiple Bitcoin spot ETF applications, followed by a similar move to list Ethereum-based ETFs by major exchanges.

These were some of the most important steps the SEC has made to bridge the gap between traditional and crypto finance. While the Commission has yet to set a deadline for deciding on the registration statements regarding Ethereum ETFs, the fact is that things have been moving in the right direction.

At the very least, approving Bitcoin and Ethereum ETFs is a signal to institutional investors that the regulator does not intend to ban cryptocurrencies in the US.

But, apart from this, the SEC has also spent the last few years focusing on enforcement against major companies in the crypto space, including Binance, Coinbase, Robinhood, and other major crypto-related firms, many of which were accused of offering unregistered securities or offering securities without proper licensing.