However, with Paul Atkins likely to lead the SEC under the Trump administration, significant shifts in enforcement priorities are expected. Unlike former Chair Gary Gensler’s focus on cryptocurrency regulation, environmental disclosures, and corporate governance, Atkins is expected to prioritize retail investor protection, targeting traditional securities frauds such as Ponzi schemes and broker abuses.
Under Atkins, the SEC may reduce its focus on crypto-related enforcement, potentially deferring to the CFTC or limiting actions to fraud cases. Corporate civil penalties may also decrease, especially where shareholders did not benefit from misconduct. While the SEC whistleblower program is expected to remain intact, enforcement shifts could influence the types of cases pursued and the size of whistleblower awards. Whistleblower attorneys will focus on cases aligning with the new priorities, ensuring strong, well-documented claims for successful prosecution.