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ARTICLE · 15 APRIL 2026

Fewer Actions, Sharper Focus: SEC Enforcement Declines In Fiscal Year 2025 As Priorities Shift

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The Securities and Exchange Commission’s (SEC or Commission) recently released enforcement results for the 2025 fiscal year (Results) reflect the SEC Division of Enforcement’s (Division) new enforcement priorities, consistent with SEC’s stated goals of moving beyond “regulation by enforcement” by deploying only a “minimal dose” of regulation and enforcement and prioritizing enforcement matters involving investor harm.

United StatesTechnology
Zachary Schmitz
Zachary Schmitz
Ben Levine
Ben Levine
Michael Didiuk
Michael Didiuk
Jessica Gracik
Jessica Gracik
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The Securities and Exchange Commission’s (SEC or Commission) recently released enforcement results for the 2025 fiscal year (Results) reflect the SEC Division of Enforcement’s (Division) new enforcement priorities, consistent with SEC’s stated goals of moving beyond “regulation by enforcement” by deploying only a “minimal dose” of regulation and enforcement and prioritizing enforcement matters involving investor harm. In releasing the Results, Chairman Paul S. Atkins noted that “the Commission has put a stop to regulation by enforcement,” and has “redirected resources” to prioritize cases that focus on “misconduct that inflict[s] the greatest harm” in order to “provide meaningful investor protection and strengthen market integrity.” The Results are consistent with those new priorities, showing an overall decline in enforcement actions from prior years and a clear shift away from book-and-record violations, a friendly view towards innovation and emerging technologies, and a focus on

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