David Hirsh, the former leader of the Cryptocurrency and Network Division at the U.S. Securities and Exchange Commission, has stepped down from his role.
Nine years in the SEC
Hirsh spent approximately nine years at the SEC, serving as an advisor to SEC Commissioner Caroline Crenshaw. He focused on law enforcement, digital assets, and cybersecurity issues during his tenure. Hirsh provided training on digital assets and cybersecurity to regulators and law enforcement officials.
New role or rumors?
There have been rumors circulating about Hirsh’s next move after leaving the SEC. The Pump.Fun meme coin project claimed that Hirsh would be joining them as the Head of Trading, but Hirsh later denied this statement. Pump.Fun also mentioned that Hirsh had allegedly launched over 100 coins himself and would be overseeing their new internal trading department, responsible for launching over 1,000 coins per day.
The role of Hirsh and the SEC in crypto regulation
Hirsh took over the division in October 2022 during a challenging period for the crypto market. Several major crypto companies faced financial difficulties, with the FTX exchange collapsing, leading to industry-wide losses. Under Hirsh’s leadership, the SEC initiated a robust law enforcement campaign against various companies in the blockchain industry, including Kraken, Coinbase, Binance, and Ripple.
What’s next for cryptocurrency in the U.S.?
Hirsh’s departure leaves a void in the industry, as he was a vocal advocate for stringent cryptocurrency regulations. The future leadership of the cryptocurrency industry in the U.S. remains uncertain, with the upcoming presidential elections potentially influencing the SEC’s policies. A survey conducted by Grayscale revealed that a majority of Americans are interested in cryptocurrencies and willing to support a candidate who understands the industry.
The current administration under President Joe Biden is making efforts to appeal to cryptocurrency owners, including considering spot Ethereum ETFs. Former President Donald Trump, Biden’s primary opponent, has also expressed support for cryptocurrencies and vowed to promote the industry if elected. The SEC Chairman, Gary Gensler, continues to hold his position, with potential improvements expected after the elections.