The U.S. Securities and Exchange Commission (SEC) named Gibson Dunn partner David Woodcock as its new enforcement director on Wednesday, filling a vacancy left by Margaret Ryan’s abrupt resignation last month.
Woodcock will begin leading the agency’s 1,000-person enforcement division on May 4. Acting Director Sam Waldon will continue in the role until then.
Why Ryan’s Exit Still Shadows the Appointment
Ryan resigned on March 16 after just six months. She reportedly pushed to pursue fraud charges against figures in President Donald Trump’s orbit, including crypto entrepreneur Justin Sun.
SEC Chair Paul Atkins and other Republican appointees resisted those efforts, according to multiple reports.
The SEC settled its case against Sun and three affiliated companies for $10 million in March. Sun neither admitted nor denied the allegations.
He has been a major investor in the Trump family’s World Liberty Financial project.
Senator Richard Blumenthal has since demanded agency records, calling the enforcement posture under Atkins a “pay-to-play” regime.
Woodcock’s Profile and the Enforcement Slowdown
Woodcock led the SEC’s Fort Worth regional office from 2011 to 2015. He lacks clear ties to digital asset policy.
His most recent roles include partner at Gibson, Dunn & Crutcher and assistant general counsel at ExxonMobil.
His appointment comes the same week the SEC released its fiscal 2025 enforcement report. The agency filed 456 actions, down 22% from the prior year’s 583.
The division also lost 18% of its staff during that period.
I am incredibly pleased to have David rejoin the SEC at this critical time, as we continue to focus on the types of misconduct that inflict the greatest harm to investors,” read an excerpt in the announcement, citing Atkins.
Could Woodcock continue the agency’s retreat from crypto enforcement or will he chart a different course?
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