U.S. SEC’s Crypto Enforcement head David Hirsch Quits; Does this signal an end for the Ripple case?

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David Hirsch, the SEC’s enforcement lead, has stepped down. His departure was announced through a post that indicated last Friday was his final day after nine years at the agency. As the Chief of the Crypto Asset and Cyber Unit within the Division of Enforcement, Hirsch was involved in every major project targeted by the SEC.

His resignation comes at an important time, coinciding with potential regulatory changes in the crypto space. Hirsch’s notable actions included pursuing cases against Coinbase and Solana. In a recent interview, Hirsch discussed Coinbase’s alleged trading of unregistered securities, stressing the SEC’s jurisdiction over platforms transacting in securities. He pointed out that the absence of Bitcoin and Ethereum from the list of targeted assets was less important than the inclusion of other securities.

Taking to his Linkedin handle, he wrote, “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.”  He had admitted that the agency faces a substantial litigation load, making it impossible to pursue every case. 

Previously, while defending Gensler, Hirsch acknowledged that it’s not their place to discourage the creation of new digital products. He distanced himself from Gensler’s comments, saying that they always follow legal guidelines.

Hirsch also touched on the SEC’s mishandling of the DeBox case, explaining the agency’s closure of its office amid the failed crypto lawsuit. He indicated that there were many errors on the SEC’s part during that case.