The U.S. Securities and Exchange Commission has appointed David Woodcock as the new director of its enforcement division. Woodcock, a former SEC regional office director and current law firm partner, begins his role on May 4. His appointment follows the March resignation of his predecessor, Margaret Ryan, which prompted U.S. senators to question whether her departure was linked to the agency dropping certain crypto-related lawsuits, including a fraud case against Tron founder Justin Sun.
The U.S. Securities and Exchange Commission (SEC) appointed David Woodcock as director of its division of enforcement. According to a Wednesday notice, Woodcock will assume the role of the agency’s top enforcer starting May 4.
Woodcock chairs the Securities Enforcement Practice Group at the law firm Gibson, Dunn and Crutcher. He previously served as director of the commission’s Fort Worth office from 2011 to 2015.
SEC Chair Paul Atkins stated the appointment comes as the agency is restoring Congressional intent by prioritizing cases for investor protection. Woodcock said he planned to “execute the Chairman’s vision” in his new role.
He replaces Margaret Ryan, who resigned in March. Her departure prompted several U.S. lawmakers to question if she left due to the SEC’s decision to drop several crypto-related enforcement cases.
Two senators have called for Atkins to answer questions on whether Ryan faced resistance over enforcement cases tied to U.S. President Donald Trump. These included a February 2025 decision to drop a fraud case against Tron founder Justin Sun, linked to the Trump family-backed World Liberty Financial crypto platform.
Senator Richard Blumenthal wrote in a March 30 letter that the SEC may have exercised preferential treatment for financial partners of President Trump. He suggested this occurred against the advice of senior staff when the agency declined to litigate credible fraud cases.
On Tuesday, the SEC released a report on its enforcement results for the 2025 fiscal year. The agency reported seven enforcement cases of crypto companies that were registration-related and six related to the definition of a broker-dealer.
The SEC stated it identified no direct investor harm from these past actions. It claimed the cases produced no investor benefit or protection, calling them a misinterpretation of federal securities laws.
