David Woodcock takes office as US senators await answers to questions about dropping the agency’s charges against Justin Sun and several crypto companies.
The US Securities and Exchange Commission (SEC) has appointed David Woodcock as director of its division of enforcement as lawmakers press for answers on his predecessor’s departure.
In a Wednesday notice, the SEC said Woodcock would be taking over as the agency’s top enforcer starting on May 4. Sam Waldon will continue to serve as acting director of the division until then.
Woodcock, a partner at the law firm Gibson, Dunn and Crutcher, chairs that firm’s Securities Enforcement Practice Group. He previously worked as the director of the commission’s Fort Worth office from 2011 to 2015.
According to SEC Chair Paul Atkins, the appointment comes as the agency is “restoring Congressional intent by prioritizing cases that provide meaningful investor protection and strengthen market integrity.” Woodcock said that he planned to “execute the Chairman’s vision” in his role at the agency.
He replaces Margaret Ryan, who resigned in March. Her departure prompted several US lawmakers to question whether she left due to the SEC’s decision to drop several crypto-related enforcement cases.
Related: US Treasury moves forward with GENIUS Act, focusing on illicit finance
Two senators have called for Atkins to answer questions as to whether Ryan “faced resistance” from SEC leadership over enforcement cases tied to US President Donald Trump. These included a February 2025 decision — one month after the president took office — to drop a fraud case against Tron founder Justin Sun, tied to the Trump family-backed World Liberty Financial crypto platform.
“[The SEC] It is possible that the agency exercised preferential treatment in favor of President Trump’s financial partners, against the advice and warnings of senior officials, when the agency refused to litigate in credible fraud cases,” Sen. Richard Blumenthal wrote in a March 30 letter to Atkins.
“No benefit or protection for investors” from past actions
On Tuesday, the SEC released a report on its enforcement results for fiscal year 2025. The agency reported seven law enforcement cases of crypto companies related to registration and six related to the definition of a broker.
According to the SEC, it “identified no direct harm to investors” and asserted that the cases “produced no benefit or protection to investors,” calling them a “misinterpretation of the federal securities laws.” This narrative is the latest example of the SEC’s shift in enforcing crypto-related cases following Trump’s inauguration.
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