Chainfeeds Summary:
ChainCatcher author flowie, through an analysis of the recent strengthening of law enforcement by US regulatory agencies in the crypto field, discusses the trend of fines and lawsuits in the crypto industry in 2024, as well as the market's focus on future changes in regulatory policies.
Source:
https://www.chaincatcher.com/article/2149243
Author:
ChainCatcher
Viewpoint:
ChainCatcher: 2024 will be a year of increased crypto enforcement and fines by US regulators. According to Coingecko data, as of October 9, the crypto enforcement and settlement amount by US regulators in 2024 has reached nearly $20 billion, an increase of 78.9% compared to 2023, accounting for two-thirds of the total settlement amount over the past 5 years. Given that 2024 is not over yet and regulatory actions have not slowed down, the crypto litigation and settlement record this year is expected to surpass 2023. From the SEC alone, according to a report updated by social capital markets on October 19, the SEC's fines on the crypto sector in 2024 reached $4.68 billion. Since 2013, the SEC has only imposed a total of $7.42 billion in fines on crypto companies and individuals, meaning that 63% of the fines were concentrated in 2024. The fines in 2024 increased by 3018% compared to $150.26 million in 2023. Although the fine amount has increased again, the number of cases is decreasing. The SEC's crypto enforcement actions in 2024 were only 11, much lower than 30 in 2023. A few days later, the 2024 US presidential election will come to an end. Regardless of whether Trump or Harris wins, SEC Chairman Gary Gensler is likely to step down early, as his term was originally set to expire on January 5, 2026. Trump clearly stated at a Bitcoin conference in July this year that he would fire Gensler, while the Harris team has held meetings with crypto industry insiders and privately expressed a willingness to reset industry relations. US Congressman French Hill (R-AR) told the Thinking Crypto podcast that the SEC should have new leadership next year, regardless of which party controls the White House. Ripple Labs CEO Brad Garlinghouse also predicted that Gensler will step down after the upcoming presidential election, regardless of the outcome.
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