Under the second Trump administration in 2025, federal antitrust enforcement by the Federal Trade Commission (FTC) and the Department of Justice (DOJ) has shifted, with a noticeable reduction in securities enforcement activities. Experts from WilmerHale have noted that this pivot creates a complex and divided regulatory environment, increasingly policed by state authorities rather than federal agencies. This trend is reflected in the rise of state attorneys general stepping up foreign anti-corruption enforcement efforts, particularly following a pause in federal enforcement of the Foreign Corrupt Practices Act (FCPA). Legal analysts highlight that these state-level developments could significantly alter the US criminal antitrust enforcement landscape. Quarterly reviews indicate that the Trump administration is shaping a distinct criminal antitrust enforcement posture, with states playing a more prominent role in regulatory actions. The overall environment is marked by a federal enforcement pause in key areas, prompting increased activity at the state level in both antitrust and anti-corruption domains across the US, UK, and Europe.