SEC Enforcement Director appointment signals stabilization of Trump-era regulatory shift

The SEC's enforcement activity has dropped off, with the agency bringing more than 20% fewer actions in fiscal 2025 than in the prior year. This decline in activity is the result of a change in the SEC's posture on enforcement under President Donald Trump's second administration. Under Trump, the SEC has dismissed numerous high-profile cases against Coinbase and Binance and moved away from large corporate cases with steep penalties. David Woodcock, a partner at Gibson, Dunn & Crutcher, will lead the SEC's more than 1,000-person enforcement division beginning May 4. Woodcock previously led the SEC's Fort Worth office from 2011 to 2011 to 2015. He replaces Margaret Ryan, who resigned after clashing with agency leaders over the direction of the enforcement program.