US SEC Enforcement Director Steps Down, Gary Gensler Next?

The SEC confirmed that Enforcement Director Gurbir S. Grewal will leave the agency on October 11, 2024, and Sanjay Wadhwa, the Deputy Director, will become Acting Director. During Grewal's tenure since 2021, the division signed off on more than 2,400 enforcement matters and recovered over $20 billion in penalties and funds to be returned to investors. Former SEC Regional Director Marc Fagel said directors often step down at this time so the current Chair can appoint their replacement, and Bill Hughes of ConsenSys said new leadership is selected by this Chair. The article also notes speculation that SEC Chair Gary Gensler could resign if Donald Trump wins the 2024 election, which Wyoming Senator Cynthia Lummis suggested.