Jorge Tenreiro Promoted at SEC: What This Means for Crypto Lawsuits and Enforcement
Jorge Tenreiro, the former acting chief of the United States Securities and Exchange Commission’s (SEC) crypto and cyber unit, has been appointed the SEC’s new chief litigation counsel, just weeks before the incoming Trump administration assumes control of the White House. His appointment, which was reflected in his LinkedIn profile update this month, places him at the helm of the SEC’s Division of Enforcement. In this capacity, Tenreiro will oversee the agency’s lawsuits and investigations across various sectors, including the cryptocurrency industry, where regulatory scrutiny is intensifying. The position, which was advertised with an annual salary of up to $305,000, marks a significant promotion for Tenreiro.
Leadership Changes in the SEC’s Crypto and Cyber Unit
Alongside Tenreiro’s rise, there have been other notable leadership shifts within the SEC. Mark Sylvester, the former assistant director of the crypto unit, and Laura D’Allaird, former counsel to the outgoing commissioner Jaime Lizárraga, have both been appointed as co-chiefs of the SEC’s crypto assets and cyber unit. Their LinkedIn profiles updated on December 2 reflect these changes, highlighting the ongoing evolution of the agency’s crypto-focused efforts.
Tenreiro takes over from Olivia Choe, the former SEC litigation chief, who left the agency in July 2023 for a partner role at Milbank LLP. With Tenreiro now in charge, the SEC is set to continue its aggressive stance against the crypto industry, leading high-profile lawsuits that have captured the attention of investors and regulators alike.
Tenreiro’s Track Record and the SEC’s Crypto Efforts
Tenreiro’s appointment comes after a period of significant legal action from the SEC’s crypto and cyber unit. Since joining the unit in October 2022 as deputy chief, Tenreiro has played a pivotal role in several major lawsuits. These include actions against top players in the crypto space such as Kraken, Coinbase, Tron, and founder Justin Sun, as well as the ongoing Ripple Labs litigation. Under his leadership, the SEC also took action against FTX and its former executives, and secured the largest settlement in its history in June 2023 with Terraform Labs and former CEO Do Kwon for a $4.47 billion settlement.
Tenreiro’s leadership has not been without controversy. Crypto lawyer John Deaton criticized him in a December 1 X post, placing him atop a list of lawyers that the crypto industry should avoid if they leave the SEC. Despite the backlash, Tenreiro’s actions continue to shape the regulatory landscape, with his decisions influencing the future of the crypto sector.
A New Era for the SEC Under Trump’s Presidency?
Tenreiro’s new role comes as Donald Trump is set to take office in January 2024. Trump has promised to ease regulatory pressure on the crypto industry, which may alter the SEC’s trajectory under Tenreiro’s leadership. However, with ongoing legal battles and increased scrutiny, the future of crypto regulation remains uncertain, and industry stakeholders are watching closely.
As the SEC continues to ramp up its efforts, all eyes are on Tenreiro and his approach to tackling the cryptocurrency industry. With growing tensions and a rapidly changing regulatory environment, Tenreiro’s next moves will be pivotal for both the SEC and the broader crypto ecosystem.
Disclaimer: This website’s content is for informational purposes only and does not constitute financial advice, with all cryptocurrency purchases carrying inherent risks.
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