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ARTICLE · 12 JANUARY 2026

Shifting Enforcement Priorities At The CFTC And The SEC

Foley & Lardner LLP
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It should come as no surprise that priorities have shifted at the Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission ("SEC"), particularly with the enforcement divisions...

United StatesFinance and Banking
Ellen M. Wheeler
Ellen M. Wheeler
James G. Lundy
James G. Lundy
Cassandra M. Klosterman Aubert
Cassandra M. Klosterman Aubert
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It should come as no surprise that priorities have shifted at the Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission ("SEC"), particularly with the enforcement divisions at both agencies — which had faced widespread internal and external criticism for jurisdiction overreach and massive fines. What may be a little surprising to some, however, is the extent and speed of the shift in priorities and the resulting impact on the number of investigations, enforcement actions, and shifts away from entire areas.

COMMODITY FUTURES TRADING COMMISSION PRIORITIES

"Back to Basics"

Upon being appointed Acting Chair of the Commodity Futures Trading Commission ("CFTC"), Acting Chair Caroline Pham announced a desire to get "back to basics"1 and move away from "regulation by enforcement."2 Consistent with these stated desires, in early February 2025, Acting Chair Pham implemented a reorganization of the Division of Enforcement, resulting in

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