[Enforcement Surge During Biden Era Drives SEC Fines to Soar, Regulatory Focus Shifts Under Trump Administration] Golden Finance reported on April 8 that fines and investor compensation by the U.S. Securities and Exchange Commission (SEC) doubled to $17.9 billion in the 2025 fiscal year. This sharp increase was fueled by intensive enforcement actions during the final period of the Biden administration. However, with the shift in regulatory priorities following President Trump's inauguration, this trend may be difficult to sustain. In a report released on Tuesday, the SEC stated that during the fiscal year ending September 30, the Wall Street regulatory agency imposed $7.2 billion in civil fines and ordered the return of $10.8 billion in illicit gains. In the previous year, the corresponding figures were $2.1 billion in civil fines and $6.1 billion in disgorged improper profits.