In the second Trump administration, you rarely hear the words “S.E.C.” and “enforcement action” in the same sentence. For the most part, the president and his cronies have made it standard practice to allow white-collar criminals off the hook. Look no further than the pardons of Changpeng Zhao, the Binance C.E.O., or Carlos Watson, the former Ozy Media C.E.O., who was about to head off to prison for 10 years. (Not to mention Joe Lewis, Charles Kushner, Devon Archer, Trevor Milton… the list goes on, as yet without Sam Bankman-Fried.) When we do hear about the S.E.C., it’s usually in regard to the ridiculous suggestion—no doubt initiated by Trump and executed by Paul Atkins, his feckless S.E.C. chairman—that companies be required to report earnings every six months, instead of every quarter.