The SEC continued its frantic pace of rulemaking throughout the fiscal year with many significant rulemaking initiatives embraced by Chairman Gary Gensler and his two fellow Democratic Commissioners, while strongly criticized by Republican Commissioners. Many in the financial services industry, certain members of Congress, and even the SEC’s own Inspector General and certain staff within the agency have criticized the recent rulemaking process and pace. Industry constituents have filed lawsuits with respect to several SEC rulemaking initiatives, including the private fund rules. Notably, the Exam Division issued their 2024 Exam Priorities memo at record pace in mid-October. Meanwhile, SEC Enforcement Division staff have aggressively pursued federal securities violations filing numerous high profile punitive cases with multi-million-dollar penalties, many involving the crypto industry.