Crypto hiring: Former SEC leader resurfaces at law firm
Traditional finance veteran tapped as chief operating officer of crypto asset management firm
Tada Images/Shutterstock modified by Blockworks
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.
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