SEC’s Crypto Chief David Hirsch Resigns after Nearly Nine Years

David Hirsch, the US Securities and Exchange
Commission’s (SEC) Chief for the Crypto Asset and Cyber Unit in the Division of Enforcement, has bid farewell to the agency after dedicating almost nine years to the commission.

Crypto Asset Enforcement Expert

“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,”
Hirsch mentioned on LinkedIn.

Hirsch held other notable roles at the SEC before his
promotion to the Chief of the Crypto Asset and Cyber Unit in the Division of
Enforcement. He was the Enforcement Attorney based in Fort Worth and previously
dedicated over two years as the Counsel to Commissioner Caroline Crenshaw.

Recently, the SEC greenlit application to list
Ethereum-based exchange-traded funds by major exchanges, including Nasdaq,
CBOE, and the NYSE. This approval potentially paves the way for these products
to begin trading later this year.

Nine issuers, including VanEck, ARK
Investments/21Shares, and BlackRock, filed to launch ETFs tied to ether
following the SEC’s approval of spot Bitcoin ETFs early this year. Despite the
positive feedback, these applicants await approval for ETF registration
statements detailing investor disclosures before the ETFs can start trading.

SEC’s Stance on Crypto Assets

Notably, the commission did not set a deadline for
deciding on the registration statements. To address regulatory concerns, most asset management firms plan to avoid staking and derivatives. In January, the SEC approved a spot Bitcoin exchange-traded fund.

Despite this, the regulator has been keen on enforcement against major companies in the sector. According to a Wells notice issued to the firm’s digital asset trading arm on May 4, the regulator could potentially bring an enforcement action against Robinhood. This development occurred despite Robinhood contending that the crypto assets listed on the platform are not securities.

This article was written by Jared Kirui at www.financemagnates.com.



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