Crypto hiring: Former SEC leader resurfaces at law firm

Traditional finance veteran tapped as chief operating officer of crypto asset management firm

article-image

Tada Images/Shutterstock modified by Blockworks

share

David Hirsch, the former head of the Securities and Exchange Commission’s crypto assets and cyber unit, has joined McGuireWoods as a partner.

He will be a key figure in the firm’s securities enforcement and regulatory counseling practice, the law firm announced on Monday.

Hirsch’s appointment follows his announcement in June that he would be leaving the SEC, where he led its crypto and cyber-focused division since 2022. During that time, he “played a leading role establishing the agency’s approach to enforcing registration obligations for a variety of crypto asset activities,” McGuireWoods noted in a news release.

Notably, the SEC — under Hirsch’s leadership — sued crypto exchanges Coinbase and Binance for allegedly listing unregistered securities. 

Hirsch appeared at a Digital Assets Council of Financial Professionals conference just days later, noting that while the SEC was not looking to drive crypto offshore, the agency would keep “pursuing claims for the unregistered offer and sale of securities.” 

Read more: SEC’s Hirsch faces the music: ‘What the hell are you doing?’

Despite many accusing the SEC of failing to define clear rules for crypto companies and regulating via enforcement, Hirsch said the SEC has made a “sincere effort” to provide guidance where it can — but added: “We’re not your lawyers.”

Now, Hirsch will indeed be advising clients on cybersecurity- and crypto-related matters out of 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 Kelly, McGuireWoods’ deputy managing partner for litigation, said in a statement.

Aside from Hirsch’s hire, traditional finance veteran Frances Edwards joined crypto asset management firm Avantgarde as its chief operating officer. 

Edwards most recently worked as a corporate director at DeFi Technologies subsidiary Valour, according to her LinkedIn profile. Prior to that, she spent six years at BlackRock — about half that time as COO of iShares in Europe, the Middle East and Africa. 

Avantgarde founder Mona El Isa noted in a statement that Edwards can help the company address regulatory uncertainty and scalability issues, for example, “as we help institutional investors, private investors, fund managers and DAOs access diversified digital asset investment products.”

One other notable update is Binance’s hiring plans. Richard Teng, CEO of the crypto exchange, told Bloomberg News this week that the company is set to hire 1,000 people this year, with a focus on filling compliance-related roles.

Binance plans to increase its compliance headcount from 500 to 700 by the end of the year, according to the report. 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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Unlocked by Template (2).jpg

Research

Vertex has established itself as a formidable player in the perps DEX landscape. Its strategic approach to chain expansion, focusing on EVM-compatible networks and leveraging incentive programs, has proven largely successful. The reduced time-to-launch for each new chain integration highlights the team's growing expertise and the scalability of their technology. As Vertex continues to expand, it is well-positioned to capitalize on the increasing fragmentation of the perpetual DEX market, potentially consolidating liquidity across multiple chains through its Edge technology.

article-image

Plus, the latest entrant into the crypto fund game

article-image

The goal of Tuesday’s inaugural Congressional hearing on DeFi was to “explore emerging topics” in digital assets, Rep. French Hill said

article-image

Blockworks Research analyst predicts 2025 will be a big year for economic changes on Solana

article-image

A tech industry coalition executive last week urged moderators to ask about crypto, noting that “passing bipartisan digital asset regulations is front and center this election cycle”

article-image

BitGo’s using a 1-2-of-3 decentralized verifier network involving LayerZero Labs and Polyhedra

article-image

The challenge of securing our digital world lies in developing conflict-resistant digital infrastructure