The Trump Administration is engaged in aggressive efforts to cut the size of the government and reduce regulatory burdens. It is unclear what impact those efforts – and the new leadership at the SEC and CFTC – will have on regulatory agencies’ enforcement priorities and efforts. A panel at the 2025 Compliance & Legal Annual Seminar presented by the Securities Industry and Financial Markets Association offered insights from the current enforcement heads at the SEC, CFTC and FINRA. The speakers discussed their agencies’ anticipated enforcement priorities; outlook for financial penalties; approaches to digital assets and artificial intelligence; and whistleblower programs. Mary Jo White, partner at Debevoise & Plimpton and former Chair of the SEC, moderated the discussion, which featured Bill St. Louis, Executive Vice President and Head of Enforcement at FINRA; Samuel Waldon, Acting Director of the SEC Division of Enforcement; and Brian Young, Director of the CFTC Division of Enforcement. As is customary, Waldon and Young noted that the views they expressed were their personal views, not those of their respective agency or its commissioners. This article synthesizes the key takeaways from the discussion. See “What Hedge Fund Managers May Expect From the SEC in 2025” (Jan. 16, 2025).