• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
XRP lawyers SEC

Pro-XRP Lawyers Slam The SEC’s Annual Enforcement Report

Jake Simmons
by Jake Simmons
4 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The US Securities and Exchange Commission’s (SEC) annual enforcement report for Fiscal Year (FY) 2023, detailing the filing of 784 enforcement actions, orders for nearly $5 billion in financial remedies, and distribution of nearly $1 billion to harmed investors, has sparked a fervent response from the XRP community.

SEC Chair Gary Gensler emphasized the significance of the Enforcement Division’s role in investor protection, asserting, “The investing public benefits from the Enforcement Division’s work as a cop on the beat. FY 2023’s results demonstrate the Division’s effectiveness—working alongside colleagues throughout SEC—in following the facts & the law wherever they lead to hold wrongdoers accountable.”

XRP Lawyer Community Slams Gensler And The SEC

This statement, however, was met with stern criticism from prominent figures within the XRP legal community. John E. Deaton, representing the XRP community in the ongoing Ripple vs. SEC case, directly challenged Gensler’s leadership, stating, “Want to truly protect investors? Then resign.”

Bill Morgan, an Australian lawyer affiliated with the XRP community, scrutinized the SEC’s effectiveness, particularly in the LBRY case, questioning the actual benefit to investors: “How much did you obtain from the LBRY case? Nothing so far because you drove LBRY into insolvency. What were the SEC’s taxpayers’ funded legal costs? A lot. Who was protected? Nobody. Who was hurt? Investors. What was achieved of worth from the case? Nothing? What was the opportunity cost? Not using those agency resources to prevent real scams like FTX.”

Related Reading: XRP Twist: Price Takes a Plunge Amidst Unprecedented Market Whirlwinds

Notably absent from the SEC’s report is the Ripple case concerning XRP’s classification as a security. This is due to the fact that the remedy phase for the case is still pending and has only recently been given a timetable, as Bitcoinist reported.

Fred Rispoli, founder of HODL Law and a pro-XRP lawyer, recently commented on the SEC vs. Ripple case, indicating another reason why the SEC may not have included the Ripple case in its report: “SEC vs. Ripple. The remedies-related discovery schedule is set. There is no chance of a 2nd Cir. ruling on an appeal by either party (if one is ever filed) before mid-2026. Think of everything that will happen between now and then. Game Over, SEC. You lost.”

SEC’s Annual Enforcement Report

The SEC’s Fiscal Year 2023 enforcement report details a comprehensive approach to regulating the crypto asset securities sector. This year’s actions by the SEC encompassed a variety of issues, including large-scale frauds, unregistered offerings, and noncompliance among crypto-asset intermediaries.

The Division’s enforcement actions were notably rigorous against massive crypto frauds. High-profile cases included charges against Terraform Labs and its founder Do Kwon, as well as against Richard Heart and his controlled entities Hex, PulseChain, and PulseX. The case of FTX CEO Samuel Bankman-Fried and other FTX executives is also mentioned as a significant focus on addressing major frauds within the crypto space.

Related Reading: XRP Ledger Set For Major Shift With New Rippled V2.0

In addition to combating fraud, the SEC also targeted unregistered securities offerings in the crypto sector. This included actions against several firms for allegedly offering unregistered securities through crypto asset lending and/or staking programs.

Notable among these were Genesis/Gemini, Celsius, Kraken, and Nexo. Settlements were reached in some of these cases, with Kraken agreeing to pay $30 million and Nexo $22.5 million in civil penalties.

The enforcement report also highlighted the SEC’s actions against crypto asset intermediaries. The SEC brought charges against entities like Beaxy, Bittrex, Binance, and Coinbase, emphasizing the need for compliance with securities laws. This marked an increased focus on the regulation of platforms providing a blend of exchange, broker-dealer, and custodial services in the crypto market. This regulatory scrutiny parallels the attention given to other emerging industries in the U.S., such as Nebraska sports betting, where state-level frameworks continue to evolve in response to growing public interest and technological innovation.

Another significant aspect of the SEC’s enforcement was against illegal celebrity touting of crypto asset securities. Influencers and celebrities, including Paul Pierce, Kim Kardashian, Lindsay Lohan, Jake Paul, and others, were charged for promoting crypto securities without adequate disclosures about compensation received for these promotions.

The report also mentioned the SEC’s victory in the LBRY case. A federal court upheld the SEC’s position that LBRY, Inc. had offered and sold LBC tokens in violation of the registration provisions of federal securities laws.

At press time, XRP traded at $0.6337.

XRP price
XRP price holds above the 0.382 Fib, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jake Simmons

Jake Simmons

Follow

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Full Profile

Related Posts

Crypto, Crypto exchange, Bybit, stablecoin

Insufficient Stablecoin Supervision? Nobel Economics Laureate Warns Of Potential Financial Crisis

2 hours ago
Gemini

Crypto Exchange Gemini Sets Sights On $2.3 Billion Valuation As IPO Approaches

3 hours ago
fortune-crypto-chatgpt5-x1000

Faire fortune en crypto ? ChatGPT 5 relance le x1000

10 hours ago
acheter-token6900-avant-claim

Dernières 24h pour acheter TOKEN6900 avant le claim !

11 hours ago
El Salvador

El Salvador Breaks Ground With 1st Government Bitcoin Event

11 hours ago
starknet-panne-ethereum-redemarrage-apres-arret

Panne Starknet : le L2 d’Ethereum repart après 4h d’arrêt

18 hours ago

Premium Sponsors

Press Releases

  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    13 hours ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    13 hours ago
  • From Institutional to Individual Investors: How XRP and...

    13 hours ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    14 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.