The US Securities and Exchange Commission has named David Woodcock as the new director of its division of enforcement, effective May 4. The announcement was made in a Wednesday notice, with Sam Waldon continuing to serve as acting director until Woodcock formally assumes the role. The appointment arrives as lawmakers press for clarity on the circumstances surrounding his predecessor’s departure.
Woodcock currently serves as a partner at law firm Gibson, Dunn and Crutcher, where he chairs the Securities Enforcement Practice Group. He previously held a senior position at the commission itself, serving as director of its Fort Worth office between 2011 and 2015. In a statement, Woodcock said he intended to “execute the Chairman’s vision” in his new capacity.
SEC Chair Paul Atkins framed the appointment as part of a broader effort to refocus the agency, saying it is “restoring Congressional intent by prioritizing cases that provide meaningful investor protection and strengthen market integrity.” Woodcock replaces Margaret Ryan, who resigned in March. Her exit drew scrutiny from several members of Congress who questioned whether it was connected to the agency’s decision to withdraw a number of crypto-related enforcement actions.
Two senators have called on Atkins to explain whether Ryan “faced resistance” from SEC leadership over enforcement cases linked to President Donald Trump. Among the cases in question is a February 2025 decision to drop a fraud case against Tron founder Justin Sun, which was connected to the Trump family-backed crypto platform World Liberty Financial. The case was dropped one month after Trump took office.
Senator Richard Blumenthal addressed the matter directly in a March 30 letter to Atkins, writing that the SEC “may have exercised preferential treatment for financial partners of President Trump against the advice and warnings of senior staff when the agency declined to litigate credible fraud cases.” The letter reflects growing concern among lawmakers about the agency’s direction under its current leadership. No formal response from Atkins has been reported.
On Tuesday, the SEC released a report covering its enforcement results for the 2025 fiscal year. The report identified seven crypto enforcement cases related to registration requirements and six involving the definition of a broker-dealer. The agency stated it had found “no direct investor harm” in those matters and concluded that the cases “produced no investor benefit or protection,” characterizing them as “a misinterpretation of the federal securities laws.”
The report represents the latest indication of a significant shift in how the SEC approaches crypto enforcement since Trump’s inauguration. Critics and lawmakers continue to raise questions about whether the agency’s revised posture reflects legal reasoning or political considerations. The confirmation of Woodcock’s appointment is expected to bring further attention to the direction of enforcement policy in the months ahead.
Originally reported by CoinTelegraph.
