Former crypto and cybersecurity enforcement chief exits SEC, shifts to non-public follow

August 19, 2024

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Key Takeaways

David Hirsh has left the SEC to affix McGuireWoods’ securities follow.
Hirsh’s expertise at SEC will improve McGuireWoods’ regulatory counseling.

David Hirsch, who not too long ago led the Securities and Change Fee’s Crypto Belongings and Cyber Unit (CACU), has joined regulation agency McGuireWoods as a associate in Washington, D.C. Hirsch shall be a part of the agency’s securities enforcement and regulatory counseling follow.

As CACU chief within the SEC’s Division of Enforcement, Hirsch oversaw first-of-their-kind investigations, resolutions, and litigation associated to crypto belongings. He was answerable for recommending and implementing the SEC’s cybersecurity enforcement priorities and performed a key position in establishing the company’s strategy to implementing registration obligations for varied crypto asset actions.

Previous to changing into CACU chief in 2022, Hirsch served as counsel to SEC Commissioner Caroline Crenshaw. On this position, he reviewed and suggested on enforcement suggestions earlier than the SEC and regularly engaged with market contributors, advocates, media, and legislative employees.

Regulatory regime

Hirsch’s transfer to McGuireWoods comes amid rising regulatory scrutiny of the crypto business in america. In recent times, the SEC has taken a extra aggressive stance towards crypto corporations, submitting a slew of lawsuits towards high-profile corporations comparable to Coinbase, Kraken, and Uniswap. Extra not too long ago, the SEC has been focusing on enterprise capital corporations working with crypto corporations.

At McGuireWoods, Hirsch will concentrate on a broad securities enforcement follow, together with advising purchasers on issues associated to cybersecurity and crypto belongings. Robert Muckenfuss, chair of the agency’s Monetary Companies & Securities Enforcement Division, emphasised the significance of Hirsch’s expertise, stating:

“Cybersecurity and crypto are quickly evolving areas of the regulation and Dave’s distinctive background and in depth expertise in securities enforcement will assist our purchasers keep forward of the curve.”

The addition of Hirsch to McGuireWoods’ workforce displays the rising demand for authorized experience in crypto and cybersecurity regulation. Companies with specialised data in these areas are prone to play a vital position in serving to purchasers navigate complicated compliance challenges and enforcement actions within the house.