Gemini

Cryptocurrency

Terra Classic

Bitcoin

<div class="finbold"> 
 <p class="paragraph">In a critique of the current state of cryptocurrency enforcement, a former insider from the U.S. Securities and Exchange Commission (SEC) has called for a significant shift in the approach towards tackling crypto-related fraud.&nbsp;</p> 
 <div></div>
 <p class="paragraph">In an X (formerly Twitter) post on September 23, John Stark Reed, who served as an attorney in the SEC Division of Enforcement for nearly two decades, emphasized the need for the U.S. Department of Justice (DOJ) to step in and prosecute crypto-grifters, asserting that prison time is the key to making them take enforcement seriously.</p> 
 <p class="paragraph">He highlighted the disparity between the actions of the SEC, which primarily deals with civil enforcement, and the lack of criminal prosecutions.</p> 
 <blockquote class="wp-block-quote"> 
  <p class="paragraph">“The stark reality is that the SEC is merely a civil enforcement agency. And until crypto-grifters face the threat of DOJ prosecution (i.e. prison time), they will continue to treat SEC enforcement-related risks (like injunctions, penalties, and disgorgement) as the cost of regulatory arbitrage and just another liability item on their balance sheets,” he said.&nbsp;</p> 
 </blockquote> 
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8"> 
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto"> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/09/24/923d485e7ab9b1d0bbea38d4639f75c3.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="invest-this-much-usd-daily-in-bitcoin-to-own-1-full-btc-in-a-year"> Invest this much USD daily in Bitcoin to own 1 full BTC in a year </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/09/24/9640d481640d50397b3620e39b05aa72.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="3-cryptocurrencies-registering-gains-and-a-major-network-growth"> 3 cryptocurrencies registering gains and a major network growth </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/09/23/18bb325a25cf253822b7ba11f9ec6369.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="this-model-identifies-next-bitcoin-ath-and-price"> This model identifies next Bitcoin ATH and price </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/09/23/b396f1d480e3ce9c037736e7313d5c7c.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="3-cryptocurrencies-under-0-10-to-consider-buying-next-week"> 3 cryptocurrencies under $0.10 to consider buying next week </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
   <div class="max-w-[300px]"> 
    <div class="py-0 first:pt-0 last:pb-0"> 
     <div class="flex gap-x-4"> 
      <div class="shrink-0  w-24"> 
       <img data-src="https://cdn.thebittimes.com/images/2023/09/22/cd273a1fbdf99901f5e62db913b893e1.webp" alt class=" w-full rounded-md lazy"> 
      </div> 
      <div>
        Cryptocurrency 
       <h3 class="font-bold leading-6 " id="terra-classic-price-forecast-as-lunc-leads-top-100-cryptos-in-gains"> Terra Classic price forecast as LUNC leads top 100 cryptos in gains </h3> 
       <div class="sm:flex gap-x-3 mt-2"> 
       </div> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment"> 
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;"> 
  </div> 
 </div> 
 <p class="paragraph">In the post, Reed further highlighted how some <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> entities are not taking SEC actions seriously. For instance, he pointed out that Tyler Winklevoss, co-founder of the Gemini <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchange, had previously criticized SEC allegations against <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> entities as “super lame” and compared them to “manufactured parking tickets.”</p> 
 <p class="paragraph">Similarly, he pointed out that major <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges like Coinbase and Binance have seemingly brushed off SEC charges, even using them as marketing tools.</p> 
 <h2 class="wp-block-heading" id="h-mind-boggling-absence-of-criminal-prosecution">Mind-boggling absence of criminal prosecution</h2> 
 <p class="paragraph">According to Reed, despite many SEC <a rel="dofollow" title="enforcement" href="https://thebittimes.com/tag/enforcement.html">enforcement</a> actions in the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> space, the absence of <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-related criminal <a rel="dofollow" title="prosecution" href="https://thebittimes.com/tag/prosecution.html">prosecution</a>s by the DOJ is “<a rel="dofollow" title="mind-boggling" href="https://thebittimes.com/tag/mind-boggling.html">mind-boggling</a>.”</p> 
 <p class="paragraph">The attorney also called on the U.S. DOJ to step up its efforts and bring criminal prosecutions against crypto offenders. He believes that such an approach will make crypto-related offenders take enforcement seriously and prevent further abuse of the system.</p> 
 <p class="paragraph">Reed’s comments come in the wake of the high-profile case involving Sam Bankman-Fried (SBF), the founder of the FTX cryptocurrency exchange. While SBF himself is facing SEC enforcement actions, Reed expressed his disbelief that SBF’s parents have not been added as defendants in the case. He suggests that they, at the very least, should be named as “relief defendants.”</p> 
 <p class="paragraph">It is worth noting that Reed has previously questioned the response of crypto players to the SEC’s enforcement of regulations in the sector. As reported by Finbold in July, the former SEC official called on the crypto community to refrain from personal attacks on Chairman Gary Gensler and instead urged them to “challenge the facts and the law.”</p> 
 <p class="paragraph">Meanwhile, Reed continues to defend the SEC’s approach to managing <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>, emphasizing that the United States’ crackdown on <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> regulation is still in its early stages. He has recommended that investors consider exiting the market. He firmly believes that the SEC’s <a rel="dofollow" title="enforcement" href="https://thebittimes.com/tag/enforcement.html">enforcement</a> actions are accurate and well-targeted.</p> 
 <p class="paragraph"> </p>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/former-sec-attorney-slams-lack-of-crypto-prosecution-for-mind-boggling-enforcement-tbt63836.html">https://thebittimes.com/former-sec-attorney-slams-lack-of-crypto-prosecution-for-mind-boggling-enforcement-tbt63836.html</a></p>

Former SEC attorney slams lack of crypto prosecution for ‘mind-boggling’ enforcement

Mục lục

TheBitTimes

Các bài viết khác được xuất bản trên 24 thg 9, 2023

What gaming app phone should I buy?

NEAR Foundation’s CEO Marieke Flament Steps Down After 2 Years

Ethereum's 0.03% Price Increase to $1,593.41: Key Insights for September 24, 2023

Cryptocurrency Market Faces Pivotal Moment After Volatile September

VeChain price prediction 2024-2030: What’s the growth potential of VET?

Deep Dive Into the Striking Universe of GPTZero and Its Working

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!