According to a study published by Social Capital Markets, the U.S. Securities and Exchange Commission (SEC) has imposed $7.4 billion in fines on the cryptocurrency industry since 2013. The report said that with Terraform Labs agreeing to pay $4.47 billion earlier this year, the total fines in 2024 have exceeded previous years, reaching $4.7 billion. However, the report also said that the total number of fines issued fell to 11 from 30 last year, when the SEC imposed a total of $150 million in fines on the crypto industry. "The overall increase in fines indicates a strategic shift toward fewer, higher-impact cases," Social Capital Markets said in its report. "This change underscores the need for cryptocurrency companies to prioritize regulatory compliance as the financial risks associated with violations have escalated."