In November 2023, the SEC and CFTC released their enforcement results for their fiscal years that ended September 30, 2023. Both agencies reported ongoing robust enforcement activity and significant monetary sanctions. The SEC report reflects how its enforcement efforts helped it achieve its goals of improving oversight; protecting whistleblowers; encouraging self-reporting, remediation and cooperation; holding individuals and gatekeepers accountable; and addressing misconduct involving digital assets and environmental, social and governance claims. The CFTC report touts its emergence as a “premier enforcement agency in the digital asset space” and illustrates its continuing efforts to combat fraud and market abuse. This article discusses the agencies’ enforcement results and the concerns of SEC Commissioner Mark T. Uyeda over the SEC’s exercise of its enforcement powers. See “Discussing 2022 Enforcement Results, SEC Enforcement Director Stresses Trust-Building Measures” (Jan. 5, 2023); and “CFTC Enforcement Report Reflects Strong Focus on Digital Assets” (Dec. 22, 2022).