SEC is still responsible, not just a decoration, and can also hold accountability after the fact.

Golden Finance reports that the Trump family's cryptocurrency project 'World Liberty Financial' partner WLFI Reserve Company ALT5 Sigma stated in documents submitted to the U.S. Securities and Exchange Commission (SEC) that its CEO was officially suspended on October 16, but internal emails show that the company's board had actually placed him on a temporary leave as early as September 4. Several securities regulatory experts indicated that this significant discrepancy in timing may have violated information disclosure rules. The same email also revealed that Chief Revenue Officer Vay Tham was also placed on leave at the same time, as the board's special committee is investigating certain matters related to the company. According to SEC regulations, public companies must disclose significant changes in executive duties within 4 trading days after the actual cessation of those duties (Form 8-K). If the company intentionally submits false or misleading information, it may constitute a violation of anti-fraud regulations. In August of this year, ALT5 Sigma accumulated $1.5 billion in WLFI tokens through a circular transaction, with estimates suggesting that over $500 million ultimately flowed to entities associated with President Trump.