Overview
- Ryan left after a short stint leading the SEC’s roughly 1,000‑person enforcement unit, and the agency named Sam Waldon as acting director.
- People familiar with the matter said she pushed for tougher charges in cases touching President Trump’s circle, including Justin Sun and Elon Musk, and met resistance from Chair Paul Atkins.
- The SEC said it bases decisions on facts, law and policy, and reminded that commissioners, not staff, make the final calls on enforcement actions.
- In the Sun matter, a Sun-linked company agreed to pay $10 million to settle fraud claims as other charges were dismissed, while the Musk case is in settlement talks over his late disclosure of a 2022 Twitter stake.
- Under Atkins, the agency has moved toward classic fraud and market‑manipulation cases and now requires commissioners to approve opening formal probes, a shift that can slow or redirect investigations.