SEC crypto enforcement up over 3,000% since 2023 #EnforcementPower
The US SEC had a record-breaking year for crypto enforcement, even before the eToro settlement.
As of Sept. 10, the SEC imposed nearly $4.7 billion of enforcement actions against crypto firms and executives in 2024, an over 3,000% jump from 2023.
The SEC’s record-setting year was mostly boosted by its massive $4.47-billion settlement with Terraform Labs and its former CEO, Do Kwon, in June — its “largest enforcement action to date,” according to a Sept. 9 report from Social Capital Markets.
The regulator’s 11 enforcement actions in 2024 netted a 3,018% increase from its $150.3 million worth of fines in 2023 despite taking 19 fewer actions against crypto firms.
Industry participants saw the statement as an ironic shift, considering that the SEC has previously maintained that the XRP
XRP = $0.59 #XRPGoal
token was a security, which was also highlighted by Deaton: #TokenUpdate
“All I asked, was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security. The lawyers at the SEC not only refused to do so, but they attacked me personally.”
On Sept. 12, the SEC settled with eToro, forcing the trading platform’s US wing to cease trading for nearly all crypto assets and pay a $1.5 million fine. #MillionaireGoals
