Securities enforcement is not going anywhere in 2025. The enforcement agenda of the Securities and Exchange Commission (SEC) will surely be impacted by its new leadership under Paul Atkins, President-elect Donald Trump’s selection for SEC chair and a former SEC commissioner from 2002 to 2008. But the agency’s core commitments—policing fraud and market manipulation, perceived conflicts of interest, and conduct that may harm retail investors—have historically been championed by commissioners of both parties and are likely to continue unabated. Even in areas in which enforcement is likely to substantially diminish—such as crypto or environmental, social, and governance (ESG) disclosures—the SEC will likely still have interest when there are concrete allegations of fraud or investor harm. One notable change, however, is that the SEC may be less likely to support enforcement based on technical violations of the federal securities laws that lack intentionality or specific underlying harm. New leadership might also implement procedural changes that will affect how investigated parties and their counsel experience the enforcement process, and we may see a substantial reduction in penalties against public companies, given that Atkins has criticized such penalties as harming existing shareholders. Finally, there is uncertainty regarding staffing at the SEC that may impact SEC enforcement in the coming years.