Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to Securities and Exchange Commission (SEC) Chairman Paul Atkins demanding answers regarding the abrupt resignation of the SEC’s Director of Enforcement, Judge Margaret A. Ryan, and raising serious concerns about political interference in the agency’s enforcement decisions. Her sudden departure follows a pattern of actions under the Trump Administration to weaken enforcement, dismiss or pause significant cases, and roll back oversight of the financial system. 

In the letter, Ranking Member Waters points to her longstanding concerns about whether the SEC, under Chairman Atkins, is faithfully enforcing the securities laws without political interference. She cites prior warnings about Elon Musk’s involvement in reviewing the agency, as well as her January 2026 letter demanding answers about the stayed Justin Sun case and the dismissal of more than a dozen crypto-related enforcement actions.  

“As Ranking Member of the Financial Services Committee, I have raised concerns about the ability of the SEC, under the Trump Administration, to faithfully and effectively enforce the securities laws given your aggressive deregulatory agenda and actions to dismiss existing cases in which the SEC had already alleged serious fraud violations,” wrote Ranking Member Waters.” … The American people deserve to know whether the SEC will protect them in the securities markets, regardless of the source.” 

In closing, Ranking Member Waters is requesting a detailed report on the circumstances surrounding Judge Ryan’s resignation and has demanded that the SEC preserve and produce key documents, including internal communications related to enforcement decisions and any discussions tied to her departure. She also called on Chairman Atkins to ensure that today’s announced successor is fully independent and equipped to enforce the law without interference. Waters requested that the SEC provide the requested documents and information by April 27, 2026. 

Read the full letter HERE.