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That's not to say the SEC will stop prosecuting crypto scams like pump-and-dump schemes, but the number of enforcements might lower, in part because of regulatory clarity and rules that give more leeway to issuers.

Yes, a straight-up pump-and-dump scheme “to make sure the TRX price is at some level Justin wants.”

But he can’t sell his shares for 5 months under a so-called “lock up” intended to reassure investors that the company isn’t a pump-and-dump scam to run up the share price so the insiders can cash out, leaving the buyers with losses when the stock collapses.

Within a few years, Mr. Belfort started building a pump-and-dump stock-scam empire.

But there is a view among some people that it’s like the slash-and-burn, pump-and-dump strategy.