Elizabeth Warren Accuses SEC Chair of ’Open Corruption’ Over Dropped Cases

Senator launches blistering attack on financial regulator after controversial case dismissals.

Political Firestorm

Elizabeth Warren isn't mincing words. The Massachusetts senator just dropped a corruption allegation that's shaking the SEC's foundations. She's targeting Chair Gary Gensler directly over dropped enforcement cases—and the timing couldn't be more suspicious.

Regulatory Roulette

Washington insiders whisper about selective enforcement becoming the SEC's new normal. Cases vanish without explanation while others proceed aggressively. The pattern suggests something darker than bureaucratic inefficiency.

Wall Street's Silent Cheer

Meanwhile, financial giants watch with quiet satisfaction. Another regulatory battle means another quarter of operating in gray areas—because when regulators fight each other, everyone else wins. It's almost like the system's designed for this dance.

The real corruption might be what we call standard operating procedure.

Senator Elizabeth Warren Lambasts SEC Chair Paul Atkins

In response to a September 24 X post by The New York Times journalist Kenneth P. Vogel alleging that the SEC dropped a complaint against its chairman’s former client, Warren aired her grievances over Atkins and the TRUMP administration at large.

Trump’s SEC Chair spent his career advising big banks and giant corporations.

It’s no surprise the SEC is now dropping cases against his Wall Street friends.

Just the latest example of how Trump and his Administration are engaging in open corruption on an unprecedented scale. https://t.co/aZD5ardvgl

“Trump’s SEC Chair spent his career advising big banks and giant corporations,” Warren said. “It’s no surprise the SEC is now dropping cases against his Wall Street friends.”

“Just the latest example of how Trump and his Administration are engaging in open corruption on an unprecedented scale,” she added.

According to Vogel’s Wednesday report, Atkins was paid $1,450 an hour by Devon Archer’s lawyers to serve as an expert witness as the businessman faced claims he defrauded a Native American entity in 2018.

A spokesperson for Atkins told the award-winning media outlet that the former SEC commissioner recused himself from the agency’s decision to drop the case.

Archer was convicted of securities fraud in 2018 and was pardoned by Trump earlier this year.

The SEC Shifts Its Stance

The SEC has dropped several legal cases against key players in the blockchain sector this year alone, including OpenSea, Ripple, and Coinbase.

The decision to rescind litigation against actors in the crypto space comes as the SEC moves away from its prior regulation-by-enforcement approach to digital assets under former chairman Gary Gensler.

In January, the federal regulator established a Crypto Task Force to lead the SEC on a “sensible regulatory path that respects the bounds of the law,” according to a 2025 press release from the agency.

However, with key U.S. lawmakers like Warren eyeing issues of “open corruption” at the SEC, the political battle over the regulator’s latest policy stance is only just heating up.