SEC Secures $4.7 Billion From Crypto Enforcement This Year, A 3,018% Surge Driven By Terraform Labs Settlement
The Securities and Exchange Commission (SEC) has secured $4.7 billion in crypto-related enforcement actions in 2024, marking a staggering 3,018% increase from last year, according to Social Capital Markets . This surge was largely driven by the agency’s record-breaking $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June. That was the SEC’s “largest enforcement action to date,” according to a Sept. 9 report from Social Capital Markets, SEC Targets Higher Profile Cases The total amount comprises forfeiture, civil penalties, settlement, disgorgement, and pre-judgment interest. Although the collective dollar amount of the regulator’s enforcement actions has spiked 3,018% in the last year, there has been a drop in the number of cases the SEC pursued. Only 11 enforcement actions were initiated against crypto firms by the SEC this year, which is 19 fewer actions compared to last year. “This trend indicates a strategic shi...