Margaret Ryan joined the regulator in September 2025. However, six months later, she left the agency. During Trump's tenure, the SEC's chairman and commissioners prohibited enforcement division staff from initiating official investigations without their approval.
Ryan wanted to be more involved in the agency's affairs, including those concerning Trump's circle. However, according to Reuters, she faced resistance from SEC Chairman Paul Atkins and other senior Republicans. The disputes involved cases against Tron founder Justin Sun and Elon Musk. Ryan left the agency following the SEC's $10 million settlement with Justin Sun.
Previously, Sun invested $75 million in Trump's WLFI crypto project. He also bought the meme coin TRUMP. Meanwhile, Musk was Trump's largest campaign sponsor.