Former SEC Official Urges DOJ Action Against Crypto Industry — Says Crypto Grifters Need Threat of Prison Time
The U.S. Securities and Exchange Commission’s former head of internet enforcement has called on the U.S. Department of Justice (DOJ) to prosecute more crypto firms. “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 … as the cost of regulatory arbitrage and just another liability item on their balance sheets,” he stressed. DOJ Should Prosecute Crypto Cases, Says Ex-SEC Official Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has called on the U.S. Department of Justice (DOJ) to take more action against the crypto industry. Commenting on the fraud case of Sam Bankman-Fried (SBF), former CEO of cryptocurrency exchange FTX, Stark wrote on social media platform X Saturday: “For the life of me, I cannot comprehend why the U.S. Department of Justice and the U.S. Securities and Exchange Commission ha