US Securities and Exchange Commission (SEC) director of enforcement Gurbir Grewal will step down on Oct. 11 after 3-years of leading the regulator in its aggressive policing of the crypto space.

SEC enforcement director Gurbir S. Grewal steps down after three years. Grewal oversaw numerous crypto enforcement actions.

"The bottom line is that the SEC did what it needed to do in response to the scams in crypto," said Terrence Yang, a strategic adviser to Swan Bitcoin and a former senior counsel at Merrill Lynch.

Under Grewal’s tenure, the commission brought more than 2,400 enforcement actions resulting in $20 billion in penalties.

Gurbir S. Grewal, the U.S. Securities and Exchange Commission’s (SEC) Enforcement Director, is officially stepping down on October 11. After three years of running the SEC’s enforcement arm, he’s out.