Former crypto and cybersecurity enforcement chief exits SEC, shifts to private practice

Source: Crypto Briefing

David Hirsch, who recently led the Securities and Exchange Commission’s Crypto Assets and Cyber Unit (CACU), has joined law firm McGuireWoods as a partner in Washington, D.C. Hirsch will be part of the firm’s securities enforcement and regulatory counseling practice.

As CACU chief in the SEC’s Division of Enforcement, Hirsch oversaw first-of-their-kind investigations, resolutions, and litigation related to crypto assets. He was responsible for recommending and implementing the SEC’s cybersecurity enforcement priorities and played a key role in establishing the agency’s approach to enforcing registration obligations for various crypto asset activities.

Prior to becoming CACU chief in 2022, Hirsch served as counsel to SEC Commissioner Caroline Crenshaw. In this role, he reviewed and advised on enforcement recommendations before the SEC and frequently engaged with market participants, advocates, media, and legislative staff.

Regulatory regime

Hirsch’s move to McGuireWoods comes amid increasing regulatory scrutiny of the crypto industry in the United States. In recent years, the SEC has taken a more aggressive stance against crypto firms, filing a slew of lawsuits against high-profile companies such as Coinbase, Kraken, and Uniswap. More recently, the SEC has been targeting venture capital firms working with crypto companies.

At McGuireWoods, Hirsch will focus on a broad securities enforcement practice, including advising clients on matters related to cybersecurity and crypto assets. Robert Muckenfuss, chair of the firm’s Financial Services & Securities Enforcement Department, emphasized the importance of Hirsch’s experience, stating:

“Cybersecurity and crypto are rapidly evolving areas of the law and Dave’s unique background and extensive experience in securities enforcement will help our clients stay ahead of the curve.”

The addition of Hirsch to McGuireWoods’ team reflects the growing demand for legal expertise in crypto and cybersecurity regulation. Firms with specialized knowledge in these areas are likely to play a crucial role in helping clients navigate complex compliance challenges and enforcement actions in the space.

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Author: Vince Dioquino