David Hirsch, the chief of the crypto asset and cyber unit in the enforcement division of the SEC, has announced his resignation after almost nine years of service. Hirsch led the digital asset enforcement team, dealing with numerous complex and high-profile cases in the crypto industry.

His tenure was marked by handling multiple investigations, contributing significantly to the regulatory environment surrounding cryptocurrencies. He expressed pride in leading the Crypto Assets and Cyber Unit team and acknowledged the support of numerous mentors, colleagues, and partners across various regulatory and law enforcement bodies.

Hirsch's departure comes at a crucial time for the SEC as it aims to regulate the cryptocurrency market. His leadership in the Crypto Asset and Cyber Unit has been instrumental in addressing significant issues and shaping the enforcement strategies the SEC employs today.

Hirsch credited much of his success to the collaborative efforts within the SEC and partnerships with state, federal, and international regulators and law enforcement agencies. His departure leaves a notable vacancy within the SEC. His expertise and leadership have been pivotal in navigating the regulatory challenges posed by the growing cryptocurrency industry.

In his farewell message, Hirsch emphasized the importance of teamwork in securities enforcement. He expressed gratitude to his mentors, colleagues, and friends who supported him throughout his career. He concluded his message by hinting at upcoming challenges and projects, which he intends to share in the near future.

Hirsch was stern with the crypto industry. For instance, last September, he revealed that his team was investigating other companies engaging in activities similar to those at major platforms like Coinbase and Binance. His statement indicated that he believes compliance breaches are widespread in the industry and not limited to a few entities.

Hirsch also clarified that DeFi projects would not escape the SEC’s scrutiny. He said, “We’re going to continue to conduct investigations, we’re gonna be active in the space, and adding the label of DeFi is not going to be something that’s going to deter us from continuing our work.”

Hirsch’s resignation quickly sparked rumors that he had joined Pump.fun, a memecoin launch platform, as head of trading. However, Hirsch was quick to shut down these rumors. He responded to a comment on his LinkedIn post, which questioned the validity of the claims about his new role at Pump.Fun. Hirsch firmly replied that, “This claim by pumpdotfun is false.”

Hirsch wrote on LinkedIn he’s “excited for a break and travel with my family before my son heads to college in the fall.”