The Securities and Exchange Commission on Monday said that Margaret A. Ryan had resigned from her position as director of its Division of Enforcement, news that came slightly less than seven months after the SEC announced her appointment to the role last August.
Sam Waldon, who had been serving as principal deputy director of the division, was named acting director of the enforcement division effective Monday, the SEC said in a March 16 press release announcing Ryan's resignation. Waldon previously had served as acting director of the division from January through August of 2025.
Andrew Feller, a former SEC enforcement attorney who is now senior special counsel at law firm Kohn, Kohn & Colapinto, said he was "very surprised" by Ryan's resignation.
"I've heard she's well-liked by the staff and had been an active participant in Wells meetings with defense counsel," Feller said. "I obviously don't know anything about what's happening in her life, but it's a bit of a shock to see someone leave this job so quickly."
Feller said he wondered whether Ryan "chafed at the commission's determination to drop a series of cases that were in ongoing litigation," adding that most of that litigation was crypto-related.
"I also think the commission has signaled a desire to narrow the scope of its enforcement focus, which could make the director's job tough if they have a different view of what makes an effective enforcement program," he said. "On the whole, my sense is that morale within the enforcement division is pretty low at the moment, and this isn't likely to help."
Feller wasn't alone in expressing surprise at Ryan's departure. Kathleen Marcus, a partner at Stradling Yocca Carlson & Rauth LLP, said while Ryan's resignation came as "a bit of a surprise," the SEC's enforcement division "is now under the capable, seasoned leadership of Sam Waldon."
"He will be a steady hand for the division during this period, including for municipal securities-related enforcement activity," said Marcus, a former attorney with the SEC's enforcement division.
"While Director Ryan's tenure may appear comparatively short, it was in the context of a longer trajectory that began in January of 2025 to enhance the SEC's enforcement program, including a back-to-basics focus on fraud and actual investor harm," said A. Valerie Mirko, a partner at Armstrong Teasdale LLP and leader of its securities regulation and litigation practice area.
Waldon has been "a key staff member implementing these reforms, both before Director Ryan's appointment and during Director Ryan's tenure," Mirko said.
"So I think a lot of the changes that have been very positive that we've seen in the enforcement program are going to continue – and I expect them to continue – under Acting Director Waldon's tenure," she said.
In the March 16 release, SEC Chairman Paul Atkins thanked Ryan "for her many contributions."
"Under her leadership, the division reprioritized enforcing the nation's securities laws, with a focus on pursuing fraud," Atkins said.
Also in the release, Ryan expressed her thanks to Atkins, the commission and the enforcement division staff.
"As I recently said, I did not seek the role of Director of the SEC's Division of Enforcement. Rather, this role found me," she said. "And for that, I am grateful."
