Overview
- The SEC named David Woodcock, a Gibson Dunn partner, director of enforcement, with his term starting May 4.
- He replaces Margaret Ryan, who resigned in March after reported clashes over cryptocurrency cases.
- Two senators have asked Chair Paul Atkins for records after reports of pressure on Ryan, with Senator Richard Blumenthal alleging preferential treatment for financial partners of President Trump.
- Since the administration change, the SEC has dropped or dismissed cases against Justin Sun, Coinbase, Kraken, and Binance, and Rainberry agreed to pay a $10 million penalty.
- The SEC’s 2025 enforcement report said prior crypto actions under Biden produced no investor benefit and misread securities laws, and Woodcock has said he will execute the chairman’s vision.