In remarks made in March 2025, then-acting SEC Chair Mark T. Uyeda and acting CFTC Chair Caroline D. Pham both said their agencies were getting “back to the basics.” Uyeda, who spoke at the Investment Company Institute’s 2025 Investment Management Conference, devoted most of his remarks to the SEC’s rulemaking process, expressing an intention to slow the pace of rulemaking and potentially revisit new and pending regulations. Pham, in the keynote address at BOCA50 – this year’s International Futures Industry Conference – touted the CFTC’s new self-reporting, remediation and cooperation regime, as well as an anticipated advisory that could result in a lighter enforcement touch, especially with regard to the size of penalties and compliance issues that do not result in harm to market participants. She also discussed efforts to make the CFTC more efficient and transparent. This article distills the key takeaways from their remarks. See “SEC and CFTC 2024 Enforcement Results: Record-High Financial Remedies Across Fewer Actions” (Jan. 30, 2025); and “What Hedge Fund Managers May Expect From the SEC in 2025” (Jan. 16, 2025).