Margaret
Ryan
has
opted
out
of
MAGAland.
The
former
head
of
the
SEC’s
Enforcement
Division
—
a
job
that,
historically,
involved,
you
know,
enforcing
securities
laws
—
stepped
down
after
what
Reuters
describes
as
ongoing
clashes
with
Trump-appointed
leadership.
And
not
to
“spend
more
time
with
her
family,”
but
over
whether
the
agency
should
actually
pursue
fraud
cases
when
the
names
involved
start
sounding
a
little
too
familiar.
According
to
Reuters,
Ryan
pushed
for
more
aggressive
enforcement,
including
in
matters
touching
Trumpworld-adjacent
figures
like
Justin
Sun
and
Elon
Musk.
That
enthusiasm
reportedly
ran
headlong
into
resistance
from
SEC
Chair
Paul
Atkins
and
fellow
Republican
commissioners,
who
now
exercise
tighter
control
over
whether
enforcement
staff
can
even
open
investigations
in
the
first
place.
Nothing
says
“independent
regulator”
quite
like
requiring
political
appointees
to
greenlight
investigations
into
their
boss’s
allies.
The
SEC
insists
everything
is
fine.
A
spokesperson
emphasized
that
decisions
are
based
on
“facts,
the
law,
and
policy,
not
on
politics,”
and
that
internal
disagreement
is
normal.
I
mean…
technically,
rearranging
deck
chairs
is
a
form
of
maritime
management.
Because
the
“debate
and
discussion”
the
SEC
touts
is
actually
a
process
where
enforcement
staff
loses
autonomy,
politically
sensitive
cases
stall
out,
and
the
person
in
charge
of
enforcement
decides
she’d
rather
not
be
complicit
in
whatever
this
is
becoming.
Despite
being
an
unconventional
choice
for
Enforcement
head
(with
little
previous
securities
law
experience),
Ryan
built
a
reputation
inside
the
agency
for
backing
career
staff.
She
reportedly
even
called
out
defense
attorneys
who
tried
to
bypass
those
staffers
and
take
their
arguments
straight
to
leadership.
Which,
given
all
that’s
going
down
at
the
SEC,
looks
at
lot
like
influence-peddling.
Oh,
and
one
of
those
attorneys
is
none
other
than
Paul
Hastings
partner
Brad
Bondi…
who
just
happens
to
be
the
brother
of
Attorney
General
Pam
Bondi.
He
declined
to
comment.
And
let’s
be
very
clear
about
something:
Margaret
Ryan
is
not
some
bleeding-heart
liberal
resistance
figure
storming
out
in
protest.
She’s
a
dyed-in-the-wool
conservative,
a
former
clerk
to
Justice
Clarence
Thomas
and,
not
incidentally,
someone
on
Donald
Trump’s
shortlist
as
a
potential
Supreme
Court
nominee.
This
is
a
George
W.
Bush–appointed
military
appellate
judge,
a
Marine,
with
exactly
the
kind
of
conservative
bona
fides
that
used
to
get
you
a
fast
pass
in
Republican
legal
circles.
Which
makes
her
exit
all
the
more
damning.
When
even
that
lawyer
can’t
make
peace
with
what’s
happening
inside
the
SEC,
it’s
not
partisan
sniping,
and,
for
the
GOP
the
call
is,
in
fact,
coming
from
inside
the
house.
In
the
year
of
our
lord
2026,
it’s
crystal
clear
the
rule
of
law
is
getting
worked
over
like
it
owes
the
administration
money.
And
lawyers
that
don’t
want
to
permanently
sully
their
professional
reputation
are
peacing
out.
Departures
like
Ryan’s
draws
a
brighter
line
between
the
lawyers
who
are
unwilling
to
compromise
on
the
fundamentals
and
the
ones
who
are
still
inside,
helping
to
redefine
“enforcement
discretion”
into
something
politically
expeditious
for
the
far-right.
History
suggests
that
kind
of
behavior
has
a
shelf
life.
And
when
the
political
protection
evaporates,
what’s
left
is
a
disciplinary
record
waiting
to
happen.
Kathryn
Rubino
is
a
Senior
Editor
at
Above
the
Law,
host
of
The
Jabot
podcast,
and
co-host
of
Thinking
Like
A
Lawyer.
AtL
tipsters
are
the
best,
so
please
connect
with
her.
Feel
free
to
email
her
with
any
tips,
questions,
or
comments
and
follow
her
on
Twitter
@Kathryn1 or
Mastodon
@[email protected].