On November 22, 2024, the SEC announced its “Enforcement Results for Fiscal Year 2024.” The results reflect some of the lowest activity levels across numerous metrics in nearly a decade, although financial remedies reached a record high. Numbers of course only tell part of the story. But these numbers come as something of a surprise given the consistently forceful language from Chair Gary Gensler and Enforcement Division leadership regarding enforcement, the Commission’s pursuit of novel legal theories in various of its cases, and the increased headcount in the SEC’s Enforcement Division. The possible reasons for the muted enforcement activity have significant implications for enforcement patterns and what may lie ahead.