2025 saw fundamental shifts in securities enforcement priorities in the first year of the second Trump Administration. The SEC and the financial regulatory landscape enters 2026 amid continued refocusing of policy priorities: a recalibration of regulatory actions surrounding compliance issues and ESG financial statement disclosures; a harmonized approach to cryptocurrency that differentiates between securitized and non-securitized digital assets and seeks to promote digitalization of other traditional securities; a revamp of the Wells Process; and continued emphasis on individual accountability; and as continued adjustment of administrative enforcement adjudication stemming from the Supreme Court’s 2024 Jarkesy decision. Despite these new initiatives, recent enforcement actions under the new SEC leadership underscore that traditional fraud enforcement, including financial statement fraud, will continue to be a priority for the SEC in 2026.