The Securities and Exchange Commission’s former top enforcement official, Margaret Ryan, resigned amid internal disputes over how the agency handled cases tied to President Donald Trump’s circle.
Ryan, who led the SEC’s Enforcement Division for just over six months before stepping down on March 16, reportedly pushed to pursue fraud charges against individuals close to Trump but faced resistance from SEC Chair Paul Atkins and other Republican appointees.
Key flashpoints included cases against Tesla CEO Elon Musk and crypto entrepreneur Justin Sun-both Trump allies. Musk serves as a special White House adviser, while Sun invested $75 million in the Trump family’s World Liberty Financial crypto venture.
The SEC recently settled its lawsuit against Sun for $10 million without requiring an admission of wrongdoing, despite earlier alleging unregistered securities sales and market manipulation. Separately, the agency is negotiating a settlement with Musk over claims he failed to disclose his beneficial ownership of Twitter (now X) in 2022-a case filed in the final days of former Chair Gary Gensler’s tenure.
Legal observers say both cases were strong and likely winnable in court. Ryan’s signature was absent from the Sun settlement documents, signaling possible disagreement. The SEC has not commented on her resignation.