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Over 700 SEC staff have resigned amid Trump-backed federal cuts and pro-crypto reforms, fueling hopes of a bullish regulatory shift for digital assets.
Mass SEC Departures Signal Major Pivot Toward Pro-Crypto Future Under Trump Administration
Hundreds of employees are expected to leave the U.S. Securities and Exchange Commission (SEC) under a voluntary resignation program tied to President Donald Trump’s initiative to reduce the federal workforce, Reuters reported, citing five unnamed sources. The exits include senior officials and lawyers within the agency’s enforcement and legal departments.
Since late January, more than 700 staff members have submitted resignation notices, including over 150 from the enforcement division. Over a dozen senior figures have also taken buyout offers, sources said. These resignations are part of a broader campaign backed by Trump, Elon Musk, and the Department of Government Efficiency (DOGE) to scale down the civil service, which Trump has described as bloated and inefficient.
The White House began offering financial incentives for early retirements and resignations earlier this year, with Friday marking the deadline for SEC employees to accept the deals. Although more than 600 departures have been confirmed, sources indicated that the number could increase as some decisions are finalized. Not all departures are tied to the buyout program, and some employees may still reconsider, the news outlet conveyed.
The SEC’s Division of Enforcement and Office of General Counsel are among the most impacted, two of the sources said. According to the SEC’s latest budget report to Congress, the resignations amount to over 12 percent of its total workforce. The process began under SEC Acting Chairman Mark Uyeda. Trump’s SEC Chair nominee Paul Atkins is scheduled to testify before Congress next week. Staff at the agency have already been contending with reorganization, possible office closures, and changing strategic priorities.
The large-scale staff exits coincide with a major shift in the SEC’s approach to digital assets under the Trump administration. As part of Trump’s pro-crypto stance, the SEC has begun dropping lawsuits against several crypto firms. The White House also recently hosted its first-ever crypto summit. Additionally, the SEC has created a new crypto task force, led by Commissioner Hester Peirce, aimed at regulatory clarity and innovation. These efforts have been widely seen as bullish for the crypto industry, which has long viewed the SEC’s enforcement-led approach as overly aggressive. Trump’s support for the sector is being interpreted by industry figures as a sign of a more favorable regulatory environment ahead, one that could attract investment and foster technological development within the United States.
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