Leadership transitions at regulatory agencies are inevitable following a change in presidential administration. In recent years, however, such turnovers have brought about wholesale reversals of enforcement approaches, policies and focus areas. At the May 2026 White Collar Crime Conference presented by the New York City Bar Association, blue-ribbon panels of former enforcement directors from the SEC’s Division of Enforcement and the CFTC Division of Enforcement examined the significant changes and current enforcement landscape at each agency. They discussed the impact of staffing cuts, the SEC’s “back to basics” enforcement priorities, attempts to stop so-called “regulation by enforcement,” the impact of two Supreme Court decisions in 2024 on enforcement activity and revisions to the SEC enforcement manual and the CFTC’s policy on self-reporting, remediation and cooperation. This article synthesizes their observations. See “SEC Speaks: 2026 Priorities, Enforcement, Collaboration, Innovation, Crypto & Retailization” (May 21, 2026).