Masters in Business The New Deregulatory SEC
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Dec 24, 2025 Michelle Leder, a seasoned SEC filings researcher and founder of Footnoted, dives into the seismic shifts at the SEC. With a new crypto-friendly chair, she's concerned about the reduced enforcement and the potential risks to investors. They discuss the revival of the IPO market and the implications of cutting quarterly reporting, which could harm retail investors. Leder also highlights the rarity of effective clawback policies and worries about cybersecurity disclosures, painting a picture of a more corporate-friendly regulatory environment.
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Enforcement Is Down Despite Existing Rules
- The SEC's rules remain but enforcement has materially declined, partly due to roughly 20% staff reductions.
- Academic studies and reporters show fewer cases and smaller settlements under the new regime.
New Chair Pulls SEC Toward Crypto
- Paul Atkins brings a pro-crypto, industry-friendly approach as SEC chair and previously represented crypto firms.
- The commission is operating with four members, limiting dissent and debate on policy changes.
Don't Eliminate Quarterly Reports
- Reducing disclosure requirements should be surgical, not wholesale; some trimming may help but broad rollbacks hurt investors.
- Keep quarterly reporting at minimum since six-month intervals would reduce transparency and harm ordinary investors.