Senator Elizabeth Warren has formally accused SEC Chair Paul Atkins of potentially misleading Congress about a sharp decline in the regulator’s enforcement activity. New data shows the SEC brought only 256 new cases under the Trump administration in 2025, far below the decade’s average of 765. Warren contends this drop raises serious concerns about investor protection and possible political favoritism, especially regarding cases involving the president’s inner circle.
Senator Elizabeth Warren has formally accused SEC Chairman Paul Atkins of potentially lying to Congress about declining enforcement. In a letter, she stated the alleged false statements could be illegal.
Warren based her accusation on newly released SEC data for 2025. The figures show the regulator brought only 456 total enforcement actions last year, with just 256 filed under the Trump administration.
This number pales against the decade’s average of 765 annual cases. Warren said “The data showing a sharp decline in enforcement actions under your watch… raise serious questions about the Commission’s willingness and capacity to protect investors and the markets.”
Atkins had previously told Warren he disagreed with her premise and questioned her data during a February hearing. The SEC declined to comment on the new allegations.
The enforcement decline coincides with a noted shift away from crypto cases, which Atkins has reversed from the prior administration’s approach. However, cases have also dwindled in traditional securities markets.
Warren’s letter cited a report detailing the recent resignation of the SEC‘s enforcement head. The official reportedly left over frustrations with handling fraud cases connected to President Trump’s inner circle.
According to the report, Atkins personally resisted pushes to pursue such cases. Should Democrats win the Senate, Warren could become Banking Committee chair, a prospect with 55% odds on a prediction market.
