Too much time has been spent, in my view, over the last decade post-Madoff simply addressing a perceived survival risk, a defensive bureaucrats’ approach. The time is now for the agency to take back its place as chief regulator, policy maker and enforcer of our securities markets.
And, as to enforcement, it means chasing more than quick-hit cases involving, say, insider trading, crypto or NFTs. Those cases matter, of course, but there are many others that deserve serious attention, too. It’s astounding to me, for example, that financial fraud cases are at what must be at an all-time low given that they used to be a core segment of the SEC’s enforcement program.