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Enforcement actions plunged under the new SEC leadership. The enforcement chief resigned. Subpoena authority was revoked. Cases tied to Trump allies were dropped.
What Happened
SEC enforcement chief Margaret Ryan resigned after six months on the job. Reuters reported she clashed with SEC Chair Paul Atkins and other political appointees over cases involving people connected to the president. The disputes reportedly involved cryptocurrency entrepreneur Justin Sun, a major backer of the Trump family’s World Liberty Financial venture, and Elon Musk, a major campaign donor.
Ryan wanted to pursue fraud charges. Appointees blocked her. She left.
The Pattern
On March 10, 2025, the SEC revoked the authority of the Enforcement Director to issue formal investigation orders. All subpoena authority now requires Commission approval, adding political oversight to every investigation. Senator Warren pressed SEC Chair Atkins for enforcement data after Ryan’s resignation. The SEC has not provided it.
Overall enforcement actions have plunged under the new leadership. Penalties are smaller. Cases are fewer. The people who benefited from reduced enforcement are politically connected.
Why It Matters
The SEC protects 150 million American investors. When enforcement depends on who you know instead of what you did, fraud goes unpunished and markets lose the impartiality they depend on. A DOJ official separately shut down crypto enforcement while holding over $150,000 in crypto investments.
This is not a policy disagreement about regulation. It is political appointees intervening in specific cases to protect specific people.
What you can do now
- Contact the Senate Banking Committee. Senator Warren has already pressed SEC Chair Atkins on the enforcement chief’s resignation. Tell your senators to demand public hearings on political interference with active cases.
- File SEC whistleblower tips. The SEC whistleblower program still operates. If you have evidence of securities fraud that political appointees blocked, submit a tip.
- Support state-level enforcement. State securities regulators and AGs can bring cases the SEC drops. Contact your state AG about enforcement gaps in your state.
- Track the crypto conflicts. A DOJ official shut down crypto enforcement while holding $150K+ in crypto. Push your representatives to require financial disclosure for appointees overseeing industries they invest in.