SEC Cryptocurrency Head Resigns
David Hirsch Leaves SEC Amidst Crypto Regulation Push, Denies Joining Pump.Fun
In a surprising turn of events, David Hirsch, the former head of the Securities and Exchange Commission's (SEC) crypto asset and cyber unit, has announced his departure from the regulatory body. Hirsch's departure comes at a time when the SEC has been aggressively positioning itself as the government's primary cryptocurrency enforcer.
Hirsch spent two years at the helm of the crypto unit, a role he assumed in October 2022. Prior to this, he started as an enforcement attorney in the Fort Worth regional office in 2015. More recently, he served as counsel to SEC Commissioner Caroline Crenshaw.
Last week, the SEC settled with Terraform Labs and its founder Do Kwon for $4.47 billion, a settlement related to the downfall of the Terra/Luna stablecoin ecosystem that rocked the crypto world in 2022. This settlement is a testament to the SEC's continued focus on regulating the cryptocurrency industry. The SEC has also waged wars against other crypto firms such as Binance and Coinbase.
Recent rumours suggested that Hirsch might join Pump.Fun, a memecoin launch platform, as head of trading. However, Hirsch has denied these claims, stating that the claim by Pump.Fun is false. It is important to note that no evidence has been found to connect Hirsch to Pump.Fun following his departure from the SEC.
Despite the departure of Hirsch, the SEC's commitment to regulating the cryptocurrency industry remains unwavering. Hirsch, on the other hand, expressed his excitement for a break and travel with his family before his son heads to college in the fall.
While the future holds many questions, one thing is clear: the cryptocurrency industry will continue to be under the watchful eye of the SEC.
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