People familiar with the matter: After the leadership change, the US SEC requires its staff to obtain high-level approval before launching an investigation."
On February 5, according to Reuters, two people familiar with the matter revealed that the US SEC currently requires its lawyers to obtain high-level approval before formally launching an investigation. The new requirements stipulate that law enforcement officers must obtain permission from politically appointed commissioners before issuing subpoenas, requesting documents and coercing testimony. Previously, staff members had the right to independently initiate formal investigations, while SEC commissioners supervised the entire process. The change follows leadership changes at the SEC, including the departures last month of former Chairman Gary Gensler and Democrat Jaime Lizárraga. President Trump appointed Mark Uyeda as acting chairman, and the committee currently consists of three members: Uyeda, Hester Peirce and Caroline Crenshaw. According to Tyler Warner, a former banking consultant and now a market analyst at NFT, the new system will prevent "malicious attacks." SEC commissioners will be more cautious and are unlikely to approve an investigation without hard evidence.
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