SEC Enforcement Actions Total an Estimated 308 in Fiscal 2026

The Brattle Group estimates the SEC brought 308 enforcement actions in fiscal 2026, 57% below its eight-year average, even as the agency pursued a case involving alleged crypto fraud.

The fiscal year ended Sept. 30. Brattle compared its estimate with an annual average of 710 actions from fiscal 2018 through 2025. The SEC has not published its official fiscal 2026 count.

Activity picked up near the end of the year. September accounted for 99 estimated actions, while 215 fell in the second half of the fiscal year. Nearly seven in 10 of the estimated actions came after the year's midpoint, yet the full-year figure remained well below the longer-term average.

Brattle drew its count from SEC litigation releases, administrative proceedings, press releases and Division of Enforcement annual reports. Its estimate is separate from the agency's official annual total. For fiscal 2025, Brattle estimated 506 actions before the SEC published a total of 456, so the figures should be distinguished when comparing years.

Securities offerings and delinquent filings each represented 21.4% of the fiscal 2026 estimate. Insider trading accounted for 12.3%. The count spans multiple types of enforcement action and does not provide a separate fiscal 2026 total for crypto-related cases.

The SEC's fiscal 2025 results listed seven crypto-related actions brought under prior leadership that the agency had dismissed. Its draft strategic plan also says case volume alone should not measure enforcement success. Neither point establishes how the number of crypto-related actions changed in fiscal 2026.

SEC Enforcement Director David Woodcock described his division's focus as “looking for real investor harm, looking for real intentional misconduct.” His comment addressed the division's broader work, rather than a separate policy for crypto cases.

In a complaint filed Dec. 22, 2025, during fiscal 2026, the SEC alleged that three purported crypto trading platforms and four investment clubs misappropriated at least $14 million from U.S. retail investors.