State Regulators Announce Enforcement Priorities

On October 16, the North American Securities Administrators Association (NASAA) published the enforcement priorities for state securities regulators. Key highlights of the 2025 NASAA Enforcement Report are the following:

• State enforcement continues to set records for the number of cases filed and penalties imposed.

• “Rapid advancements in the capability and accessibility of artificial intelligence tools, along with increasing reliance on social media, have coincided with the continued proliferation of impersonation and pig butchering scams. The international and anonymous nature of many of these schemes frequently makes them difficult to prosecute. State and provincial regulators have responded by using technology and other methods to disrupt and promote awareness of fraudulent schemes.”

• State enforcement remains focused on fraud involving cryptocurrencies.

• Fraud targeting the elderly remains a top enforcement priority.