More from the article ...

... The figures are likely to stoke concerns among Democrats and consumer advocacy groups that the agency, which oversees more than 30,000 brokers, funds and other financial firms, is dramatically stepping back from enforcement under Republican US President Donald Trump's administration.

Republican leaders, who took the helm of the SEC in January 2025, have generally argued that overly onerous enforcement stifles business and in the case of public corporations, punishes shareholders.

Current SEC Chairman Paul Atkins, for example, has described its previous enforcement stance as opaque and unpredictable.

"The success of the SEC's enforcement program is ultimately measured by how effectively it advances the SEC's mission, protects investors, holds wrongdoers accountable, and strengthens confidence in our markets," Atkins said in a statement about the SEC's annual report. "Enforcement actions and financial remedies are important measures of activity, but they are not the only or most telling measures." ...

Seems to be similar to what DOGE did to the IRS, i.e., reduce auditing staff levels to the point that well-healed tax filers (a.k.a., the wealthy) would be able to overwhelm the IRS with work.

Mr Musk and Pres Trump may both have benefited from that.