In 2025 there was a significant shift in federal regulatory and enforcement priorities impacting issuers’ financial reporting, shareholder engagement, and corporate governance around ESG, AI, DEI, and crypto, among other topics. Overarching themes from the current administration include reducing the compliance burdens on doing business as a public company, reducing the “woke” agenda of the prior administration, and protecting U.S. economic interests abroad. These themes operate against the backdrop of a significant reduction in the federal government workforce due to action by the Department of Government Efficiency (DOGE), the longest federal government shutdown in history in late 2025, and an impending shutdown in 2026.

In this article we describe various associated SEC, securities law, governance, and enforcement developments, and some key state law developments, and outline some of the related challenges and opportunities that boards of directors and general counsel of public companies (and where relevant private companies) should be aware of for 2026.