On June 12, 2025, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rulemakings introduced under the prior administration. The move leaves only two items remaining in the “final rule” stage of the Fall 2024 Regulatory Agenda.
While the withdrawals were largely anticipated, they mark a formal acknowledgement that these proposals will not proceed in their current form under the current SEC leadership. Most were advanced by the Division of Trading and Markets and the Division of Investment Management, and would have significantly impacted broker-dealers, securities-based swap dealers, national securities exchanges, investment advisers, public companies, and key third-party providers such as auditors and compliance firms.
This type of broad rollback is not without precedent. It reflects a familiar pattern seen during past transitions between administrations with contrasting regulatory philosophies. While it is unusual to see such a large number of rulemakings formally withdrawn in one sweep, prior SEC leadership changes—such as those occurring in 2017 and 2009—also resulted in the quiet shelving or withdrawal of numerous pending proposals that no longer aligned with the incoming administration’s agenda.
The full list of withdrawn items and remaining regulatory activity can be viewed on the SEC’s official rulemaking activity page: SEC Rulemaking Activity.