SEC's Crypto Crackdown Chief Moves to IT

The U.S. Securities and Exchange Commission (SEC) has made a significant personnel change, moving its Chief Litigation Lawyer, Jorge Tenreiro, to a position in the IT department. This shift comes after Tenreiro's involvement in leading six high-profile lawsuits, particularly in the cryptocurrency space, against major firms such as Ripple, Coinbase, and Tron. Tenreiro was one of the SEC executives who approved the appeal against Ripple.

Tenreiro, who was promoted to head the SEC’s litigation efforts late last year, had previously been with the SEC’s crypto assets and cyber unit. He joined the unit in October 2022 as deputy chief and became acting chief in June 2023. Under the leadership of former SEC Chair Gary Gensler, Tenreiro played a pivotal role in overseeing enforcement actions targeting prominent cryptocurrency firms.

The reassignment to the IT department has raised eyebrows in the crypto community, especially since Tenreiro’s actions and statements regarding the crypto sector have been met with increasing criticism. He was involved in aggressive enforcement against crypto-related companies, making him a central figure in the ongoing regulatory battle between the SEC and the industry.

This change in Tenreiro’s position comes amidst growing speculation that the SEC may be reassessing its approach to crypto regulation. Many in the industry have voiced concerns over the SEC’s aggressive stance, which some critics have labeled as overreach. Ripple’s General Counsel, Stuart Alderoty, responded to the news humorously on Twitter and wrote, “Sources say Jorge Tenreiro has been reassigned to Macrodata Refinement.”