The U.S. Securities and Exchange Commission took nearly $4.7 billion worth of enforcement actions against cryptocurrency companies in 2024, up more than 3,000% from 2023.
The SEC's record-setting year was largely due to its massive $4.47 billion settlement with Terraform Labs and former CEO Do Kwon in June — “the largest enforcement action to date,” according to Social Capital Markets reported September 9.
The regulator’s 11 enforcement actions in 2024 were a 3,018% increase from the $150.3 million fine in 2023, although the agency took 19 fewer actions against crypto companies.
The total penalty includes forfeiture, restitution, civil penalties, settlements, and pre-judgment interest, calculated from the time the SEC initiated the enforcement action.
The increase in fines this year shows that the SEC has made a strategic shift toward higher-impact cases.
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