SEC’s Crypto Enforcer Gurbir Grewal Heads to Milbank Law, Home to Binance’s Legal Defense

Key Takeaways

• The SEC’s former Enforcement director is set to join New York-based law firm Milbank.
• Milbank’s roster includes Binance US and several other crypto firms. 
• Grewal oversaw high-profile actions against several major crypto platforms, including Binance. 

Gurbir Grewal, the former chief of the Securities and Exchange Commission’s (SEC) Enforcement Division, who presided over some of the agency’s most high-profile crypto crackdowns, is joining the law firm Milbank in New York.

Milbank currently represents Binance US as the cryptocurrency exchange navigates a growing array of regulatory challenges.

Grewal May Join Former SEC Executive at Milbank

According to a Bloomberg report , citing sources close to the matter, Grewal will join Milbank’s New York office as a partner in the litigation and arbitration practice.

Notably, this department also houses another high-profile SEC alum: George Canellos, the former co-director of SEC Enforcement, who made a similar transition in 2014. Currently, Canellos is a partner and global head of litigation and arbitration at Milbank, which is the same department Grewal is set to join.

George Canellos and Gurbir Grewal have a shared history in the SEC, but their connection to the crypto space is also worth noting.

As Enforcement chief, Grewal oversaw high-profile actions against several major crypto platforms, including Binance and Ripple, leveling a myriad of charges.

Canellos, on the other hand, has played a key role in helping Binance US mitigate its regulatory woes since 2023.

Grewal’s tenure at the SEC was not without controversy. His sudden resignation as Enforcement director coincided with the agency’s appeal in the Ripple lawsuit, sparking speculation about his future plans.

With his impending arrival at Milbank, Grewal joins a growing list of top SEC executives who have transitioned to private practice.

What’s Next for Grewal?

As Grewal settles into his new role, he will likely draw on his deep understanding of the regulatory landscape to advise clients on high-stakes disputes and enforcement matters.

For Milbank’s roster of clients, including Binance US, Grewal’s arrival represents a major coup, bringing a valuable perspective to the table as they navigate the evolving regulatory environment.

It’s possible that Binance may look to onboard Grewal in their legal battles.

Although unlikely, a potential alliance between Grewal and Binance would create an awkward situation for the agency, given the former director’s oversight of enforcement actions, including the ones he helped initiate during his tenure at the SEC.

SEC’s Lawsuit Against Binance Takes a New Turn

The SEC’s case against Binance has only grown more complex over the years.

The latest twist in the saga came in the form of the regulator amending its lawsuit against Binance, acknowledging a crucial mistake in its terminology. Buried in a footnote, the agency conceded that its use of the phrase “crypto securities” was a misnomer.

The concession, made in a rare moment of self-reflection, has significant implications for the SEC’s broader efforts to police the crypto industry.

By promising not to use the term in future filings, the SEC appears to be acknowledging that its previous assertions were overstated.

This about-face is all the more striking given that the agency’s lawsuits against Binance, Ripple, and other crypto companies have long hinged on the assumption that most crypto, except Bitcoin, qualify as securities.