The SEC’s dominant status as a regulator has always forced the PE industry to be aware of the agency and reactive to its whims. The industry is now trying to find its footing with a highly volatile version of the Commission, however, which is toggling from the aggressive stance and tactics under Chair Gary Gensler to a potentially less hostile approach under the incoming Trump administration and its anticipated appointee to head the agency, Paul Atkins. That change has a material impact on multiple facets of sponsors’ operations and trickles down to the SEC’s potential rulemaking initiatives, examination priorities and enforcement efforts. To help sponsors prepare for what to expect in the new year, the Private Equity Law Report interviewed Debevoise partners Julie Riewe, Marc Ponchione and Justin Storms. This first article in a two-part series considers how the incoming Trump administration will impact the SEC’s rulemaking efforts, as well as the nature and focus of the Commission’s examination and enforcement practices in 2025. The second article will evaluate the latest trends in GP‑LP negotiations, sponsors’ efforts to access retail capital, and compliance practices for GCs and CCOs to prioritize in the new year. See “SEC 2025 Examination Priorities Feature Essential Compliance Concerns, Emerging Technologies and Several Notable Omissions” (Dec. 12, 2024); and “What’s Next for the SEC? A Look at the Latest Reg Flex Agenda” (Oct. 3, 2024).