Trading crypto
Memecoin factory Pump.fun wrote on X that David Hirsch is joining its team, but the former SEC official denied the claim. Pixabay

KEY POINTS

  • Pump.fun said Hirsch realized "his work as a regulator was no longer fulfilling"
  • The Solana memecoin deployer also said Hirsch has launched more than 100 memecoins himself
  • Hirsch denied the claim, saying his next career step won't be at a memecoin firm

David Hirsch, the head of the cryptocurrency assets and cyber unit at the U.S. Securities and Exchange Commission's (SEC) Enforcement Division, announced his departure from the agency after nearly nine years of service.

"I'm particularly proud of the historic work done by the Crypto Assets and Cyber Unit team I had the privilege to lead," Hirsch wrote in a LinkedIn post Monday. He added that he will take a break in the meantime and travel with his family before moving forward with his career. He did not disclose the reason for leaving the Wall Street regulator.

Hirsch's departure announcement has since become a hot topic among crypto users on X (formerly Twitter) after Pump.fun, the popular memecoin deployer on the Solana blockchain, posted that Hirsch was joining the team as its new "Head of Trading."

"After months of conversations with @a1lon9, David came to the realization that his work as a regulator was no longer fulfilling. He had to start a new chapter," the memecoin factory wrote Monday. As per the memecoin deployer, Hirsch will lead Pump.fun's new internal trading desk that's expected to launch more than a thousand tokens daily.

Web3 investigative journalist Alex Lowery commented on Hirsch's LinkedIn post, asking the former SEC official if he was aware of Pump.fun's post. "This claim by pumpdotfun is false," Hirsch responded.

Pump.fun has yet to address Hirsch's denial. Interestingly, the token factory wrote on its post that the ex-SEC official "has launched over 100 coins himself (he usually jeets right after KOTH, though)!"

Hirsch further reiterated in a message to Cointelegraph that Pump.fun's claim "is false," adding that he has yet to reveal his next career step, "but it is not with a memecoin platform."

News of Hirsch's departure from the regulatory agency comes as the SEC faces mounting criticism over its handling of some crypto lawsuits that gained the attention of lawmakers and industry observers.

Just recently, a judge ordered the SEC to pay roughly $1.8 million in legal fees and related costs over the regulator's failed lawsuit against crypto firm Digital Licensing, which operates under the business name Debt Box.

Some SEC lawyers were found to have "engaged in bad faith conduct" in the case. Judge Robert Shelby said Debt Box should not be "revictimized" after already falling victim to the "false and misleading" statements made by some SEC attorneys.

Meanwhile, Pump.fun was also recently under fire after it was exploited for nearly $2 million last month. The team blamed a former employee for the exploit.

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