The 1st quarter of 2026 was a continuation of recent themes under the current leadership of the SEC. In Congressional testimony in February, Chairman Atkins reiterated his mandate to recommit the agency to its core mission of protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation. He noted his regulatory agenda, including his plan to “make IPOs great again,” coordinate with the CFTC through their joint Project Crypto efforts (the SEC and CFTC subsequently announced an MOU to guide their coordination and collaboration), and modernize oversight of digital assets. He promised that the SEC’s enforcement program would return to “first principles” by focusing on fraud and investor harm. In March, to a grateful audience, Atkins announced a long-awaited interpretive release on crypto assets. This theme of more measured regulation was reinforced in an early April announcement that the SEC proposed to cut its budget for fiscal year 2027 by 11% as it focuses on fiscal discipline, organizational agility, and technological modernization.

There were several leadership changes at the SEC in Q1, including the resignation of Enforcement Division Director, Judge Margaret Ryan, who will be replaced by David Woodcock, Partner at Gibson, Dunn & Crutcher LLP and a former Regional Director of the SEC's Fort Worth Regional Office. In addition, two new Deputy Directors of the Enforcement Division were named; Keith Cassidy was officially named Director of the Division of Examinations; and new staff members were named in the Division of Corporation Financial and General Counsel's Office. Standish Compliance's Q1 2026 Regulatory Update summarizes these changes, noteworthy enforcement activity, rulemaking, and guidance.