"At the end of the day, I think this is just the beginning of a process for the SEC," Hilsenrath said. "I think they've got more cases coming down the road. Goldman wasn't the only firm that was doing these kinds of trades. And I wouldn't be surprised to see them rolling out more cases in the next few days."
Duff McDonald, journalist and author of Last Man Standing, agrees.
"Regulators, politicians, the public are out for scalps and Goldman is the biggest scalp of all," he told ABC News.
ABC News' Matthew Jaffe, Dan Arnall and Zunaira Zaki contributed to this report.