David Hirsch, former head of Securities and Exchange Commission’s Crypto Assets and Cyber Unit, joined McGuireWoods in the role of a partner.
The law firm said on Monday that he will play a major role in its securities enforcement and regulatory consulting practice.
Hirsch was appointed after announcing in June that, as of 2022, he will be departing the SEC. He has been leading its Crypto and Cyber-focused Division since then. In that period, he “played a leading role establishing the agency’s approach to enforcing registration obligations for a variety of crypto asset activities,” McGuireWoods made the following statement in a press release.
Notably, the SEC — under Hirsch’s leadership — sued crypto exchanges Coinbase and Binance for allegedly listing unregistered securities.
Hirsch made a similar statement at the Digital Assets Council of Financial Professionals (DACFP) conference a couple of days later. Hirsch said that, while the SEC did not want to push crypto overseas, it would continue its efforts. “pursuing claims for the unregistered offer and sale of securities.”
Hirsch said that the SEC, despite being accused by many of not defining clear rules for cryptocurrency companies or regulating through enforcement, has actually made significant progress. “sincere effort” to provide guidance where it can — but added: “We’re not your lawyers.”
Hirsch will be in fact advising its clients about cybersecurity and crypto matters from Washington DC.
”He knows how regulators think and has an in-depth understanding of the intricate compliance challenges clients face in today’s market, including with respect to crypto and cybersecurity regulation,” Noreen Kel, McGuireWoods’ deputy managing partner of litigation, made a public statement.
Frances Edwards is the new chief operating Officer of Avantgarde, which has hired Hirsch as well. She was previously a senior executive in traditional finance.
Her LinkedIn profile states that Edwards was most recent a director of Valour, a subsidiary of DeFi Technologies. Prior to that, she spent six years at BlackRock — about half that time as COO of iShares in Europe, the Middle East and Africa.
Mona El Isa, the founder of Avantgarde, noted that Edwards could help her company, among other things, address regulatory uncertainties and scaling issues. “as we help institutional investors, private investors, fund managers and DAOs access diversified digital asset investment products.”
Binance also has some interesting hiring plans. Richard Teng told Bloomberg News that Binance, the CEO of its crypto exchange, plans to hire 1000 people in 2018. The company will focus on compliance roles.
Binance will increase its compliance staff from 500 to 700 people by the end the year. This comes after the Department of Justice revealed a series of actions against Binance in November 2023 — including $4.3 billion In fines and forfeitures.
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