Richard Blumenthal, the top Democrat on the Senate Subcommittee on Investigations, and Elizabeth Warren, the top Democrat on the Senate Banking Committee, each cited a Reuters report that the SEC’s top enforcement official, Judge Margaret Ryan, was at odds with Atkins and was tasked with delegating programs to her leaders, including implementing them. Crypto companies with ties to Trump and his family.
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On 30 March 2026, 08:30 PM IST
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Letters from lawmakers seeking records regarding some high-profile enforcement cases and other details increased pressure on the US market regulator to provide answers after a top enforcement official resigned this month.
“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 Enforcement Division from prosecuting cryptocurrency companies,” Blumenthal wrote in a March 30 letter to Atkins.
In a separate letter sent Monday, Warren noted that Ryan’s sudden departure could affect the ability of the SEC Enforcement Division to carry out its mission. She described Ryan’s exit and the reported circumstances surrounding it as “very disturbing”.
An SEC spokesman declined to comment.
Ryan, a former military judge and clerk to Supreme Court Justice Clarence Thomas, wanted to be more aggressive in pursuing allegations of fraud and other misconduct, and took issue with his handling of high-profile cases involving crypto entrepreneur Justin Sun and billionaire Elon Musk, sources previously told Reuters.
Her sudden departure has thrown into turmoil at the agency, which is already dealing with an exodus of employees under the Trump administration and major policy changes by Republican leaders taking a softer line on the crypto industry.
Blumenthal’s investigation into the SEC case sparks a lawmaker’s investigation into illegal crypto use. During the Trump administration, the US has moved to incorporate crypto into more traditional banking systems and has taken a softer stance against the industry in enforcement, including the SEC. The agency has settled or dismissed numerous cases against crypto firms and executives, including Sun and Changpeng Zhao, founders of cryptocurrency exchange Binance.
In the letter, Blumenthal said “crypto-fueled crime has increased since President Trump returned to office.”
It is seeking records and communications from Atkins and other SEC officials in connection with potential enforcement actions against crypto firms. This includes anyone connected to Sun, the main backer of the Trump family’s World Liberty Financial crypto venture, or Zhao, the lawmaker added in the letter.
A spokesperson for Zhao’s company said that “Binance has not had any discussions with SEC Chairman Atkins, and a year ago, has not engaged with any SEC commissioner other than general policy discussions, which were unrelated to Binance.”
Separately, White House Counsel David Warrington said: “The President has no involvement in business dealings that interfere with his constitutional responsibilities. President Trump performs his constitutional duties in an ethically sound manner and to suggest otherwise is either misinformation or malicious.”
Blumenthal also asked Atkins for similar records related to communications with any member of the Trump family or his crypto empire World Liberty Financial, as well as the family of the firm’s CEO, Zach Witkoff. He is the son of Steve Witkoff, the US Special Envoy for the Middle East.
“Neither Zach Witkoff nor anyone else at World Liberty Financial has met or communicated with SEC Chairman Atkins or anyone else on this or any other matter,” a World Liberty Financial spokesman said. “Sad to see Democrats continue their fact-free witch hunt targeting WLF over politics.”
Sun’s company did not immediately respond to requests for comment.
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