Enforcement during the Biden era has driven a surge in SEC fines, while regulatory focus may shift under Trump’s administration.

Jinse Finance reported that on April 8, the fines and investor compensation amounts imposed by the U.S. Securities and Exchange Commission (SEC) doubled to $17.9 billion in the 2025 fiscal year. This surge was driven by the intensive enforcement actions carried out late in the Biden administration. However, as regulatory priorities shift following President Trump's inauguration, this trend may be difficult to maintain. In a report released on Tuesday, the SEC stated that during the fiscal year ending September 30, the Wall Street regulatory agency imposed $7.2 billion in civil fines and ordered the return of $10.8 billion in illegal gains. In the previous year, the corresponding figures were $2.1 billion in civil fines and $6.1 billion in disgorged improper gains.