News

(Bloomberg) -- US Senator Richard Blumenthal wants Securities and Exchange Commission Chairman Paul Atkins to explain the sudden resignation of its enforcement director and whether her departure was related to cryptocurrency cases, including one touching on the Trump family’s ventures.

The Connecticut Democrat sent a letter Monday seeking records related to the SEC’s cases against cryptocurrency companies and communications with top agency officials and ex-enforcement director Margaret “Meg” Ryan. Ryan quit on March 16 after slightly more than six months on the job. 

“Ms. Ryan’s abrupt departure from the agency raises questions in light of her short tenure and reports that senior leadership intervened to prohibit the Division of Enforcement from pursuing cases against certain cryptocurrency companies,” he wrote, citing reporting from Reuters.

The SEC declined to respond to the letter. White House counsel David Warrington said in an emailed statement the president had no involvement in business deals that would implicate his constitutional responsibilities. “President Trump performs his constitutional duties in an ethically sound manner, and to suggest so otherwise is either ill-informed or malicious,” Warrington said.

Cases Suspended

The senator asked for records and communications between the SEC’s enforcement division and agency senior leadership related to potential enforcement actions against cryptocurrency companies, including information related to billionaires Justin Sun and Changpeng Zhao, known as “CZ,” the co-founder of Binance Holdings Ltd. 

Since President Donald Trump’s return to the White House, the SEC has dismissed or paused at least a dozen cases against crypto companies, including high-profile lawsuits against crypto exchanges Coinbase Global Inc. and Binance. Blumenthal singled out Sun, saying he purchased millions of dollars worth of the president’s memecoin and became an early investor in the Trump family’s cryptocurrency venture, World Liberty Financial.

The SEC earlier this month ended its case against Sun, who had been accused of securities law violations and market manipulation. One of the firms affiliated with Sun agreed to pay $10 million to resolve the SEC’s allegations, without admitting or denying the agency’s claims.

Document Demand

The SEC’s pullback on crypto enforcement coincides with Trump’s pledge to make the US the “crypto capital” of the world, as digital assets have transformed his family’s wealth.

Blumenthal asked for communications sent or received between the SEC’s office and members of the Trump family, records relating to settlements with crypto companies, and information about any time the enforcement director’s recommendations were overruled by the SEC chairman’s office or any senior leader in the agency.

The senator also requested records related to Zach Witkoff, the chief executive of World Liberty. Witkoff is the son of Middle East special envoy Steve Witkoff.

A former Marine and senior judge of the US Court of Appeals for the Armed Forces, Ryan had been an unorthodox choice to head the SEC’s enforcement unit, as most directors have either practiced securities law or worked at the SEC itself. 

Ryan emailed enforcement division colleagues that she was resigning, effective immediately, and gave no reason for her departure. Atkins announced her appointment in August and she joined the agency in September. 

(Updates with comment from White House counsel in the fourth paragraph.)

More stories like this are available on bloomberg.com

©2026 Bloomberg L.P.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories