The SEC says Principal Deputy Director Sam Waldon will leave the agency on July 31 after more than 14 years. Meanwhile, former enforcement official Osman Nawaz is returning to the leadership team.
The U.S. Securities and Exchange Commission (SEC) has announced that Principal Deputy Director of the Division of Enforcement Sam Waldon will leave the agency on July 31, 2026. This will end a career spanning more than 14 years at the regulator. According to the SEC’s official announcement, Osman Nawaz, a longtime enforcement attorney who recently returned to the Commission, will become the Division’s new Principal Deputy Director.
The leadership change comes during a broader restructuring of the SEC’s enforcement leadership under Chairman Paul S. Atkins, whose administration has emphasized refocusing enforcement priorities on fraud and core securities law violations.
Waldon Leaves After Serving In Several Senior Enforcement Roles
According to the SEC, Waldon joined the agency as a staff attorney before advancing through several leadership positions. These included Assistant Chief Counsel and Chief Counsel of the Division of Enforcement between 2022 and 2024. He also served as Acting Deputy Director from October 2024 through January 2025. In addition, he was Acting Director of Enforcement on two separate occasions during 2025 and 2026.
SEC Chairman Paul Atkins praised Waldon’s service, stating that his leadership had been reflected in numerous senior roles throughout his tenure. Furthermore, he said Waldon had provided valuable counsel to the Commission.
SEC Director of Enforcement David Woodcock also credited Waldon for mentoring staff and supporting the division during multiple leadership transitions, according to the agency’s statement.
In his farewell statement released by the SEC, Waldon thanked Chairman Atkins, Commissioners Hester Peirce and Mark Uyeda, along with Enforcement Division colleagues, describing their work under challenging circumstances as “nothing short of inspirational.”
Osman Nawaz Returns to SEC Leadership
The SEC confirmed that Osman Nawaz will succeed Waldon as Principal Deputy Director.
Before returning to the Commission in June 2026, Nawaz served at the SEC between 2010 and 2024. He held several senior positions including staff attorney, Assistant Regional Director and Chief of the Complex Financial Instruments Unit. After leaving the SEC in late 2024, he entered private practice before rejoining the regulator.
The appointment restores an experienced enforcement lawyer to one of the agency’s highest operational positions within the Enforcement Division.
Leadership Transition Follows Months of Organizational Changes
The latest appointment follows several leadership changes inside the Enforcement Division over the past year.
After former Enforcement Director Margaret A. Ryan resigned in March 2026, Waldon was appointed Acting Director while the Commission completed another leadership transition. The SEC later appointed David Woodcock to lead the division permanently. Waldon then returned to his Principal Deputy responsibilities before announcing his departure.
These personnel changes have occurred alongside evolving enforcement priorities under Chairman Atkins.
Earlier this year, Acting Enforcement Director Waldon stated publicly that the Division intended to focus on traditional securities enforcement matters. These included fraud, insider trading, accounting misconduct and retail investor protection rather than pursuing novel legal theories. Reuters reported that the Commission had also narrowed staff authority to open certain investigations without Commission approval as leadership priorities shifted.
Why The Announcement Matters For Crypto Regulation
Although the SEC announcement does not reference any specific cryptocurrency investigations, leadership changes within the Division of Enforcement are closely watched by digital asset companies, exchanges and market participants.
The Enforcement Division oversees civil investigations involving securities law violations across traditional finance and digital assets. During recent years, the division has brought numerous high-profile actions involving crypto exchanges, token issuers and decentralized finance projects.
Personnel changes alone do not automatically signal changes in enforcement policy. However, leadership appointments can influence operational priorities, case allocation and investigative strategy over time.
Based on currently available information, the SEC has not announced any new cryptocurrency enforcement initiatives alongside Waldon’s departure.
What Comes Next
Waldon’s final day at the SEC is scheduled for July 31, 2026, according to the Commission.
Osman Nawaz is expected to assume the Principal Deputy Director role immediately thereafter. He will join Director David Woodcock in overseeing one of the SEC’s largest divisions.
Market participants will likely watch upcoming SEC speeches, enforcement actions and policy announcements for any indication of whether the agency’s enforcement priorities continue evolving under its current leadership. At present, the SEC has characterized the announcement solely as a senior personnel transition and has not announced any accompanying policy changes.
