Senior enforcement officials from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have reaffirmed their commitment to policing market abuse, despite the Trump administration’s ongoing efforts to restructure federal agencies.
Speaking at an American Bar Association event in Miami today, SEC acting enforcement director Antonia Apps and CFTC enforcement director Brian Young noted that enforcement will remain a priority even amid broader policy changes.
“You can expect to see some changes depending on priorities and different policies that we may pursue,” Apps said, “but we will move forward with the core enforcement agenda that we have always moved forward with.”
The statements come at a time when both regulatory agencies are undergoing significant transformations under Republican leadership. Since late January, the SEC has been reviewing its cryptocurrency enforcement policies, while the CFTC has been restructuring its enforcement division.
The comments were made at a government enforcement conference focused on white-collar crime, where Justice Department officials reportedly withdrew from speaking because of ongoing changes and turmoil within the Justice Department.
Both Apps and Young voiced strong support for enforcement personnel, who are facing mass layoffs and budget cuts as the administration, along with special adviser Elon Musk, seeks to reshape the federal workforce.
“In addition to doing a great job, the CFTC enforcement staff are genuinely good people,” Young said. “I think the taxpayers should be indebted to them for what they do for us every day.”
Young also noted that the agency prioritizes cases that have a strong likelihood of returning funds to victims of fraud or market manipulation.
One of the most notable policy changes came at the SEC, which has paused or dropped active litigation and investigations related to cryptocurrencies. When asked about the future of crypto enforcement, Apps reiterated that the agency will continue to pursue cases involving fraud and clear regulatory jurisdiction.
“We’re not walking away,” he said.
*This is not investment advice.
