According to TechFlow, on September 14, Cointelegraph reported that John Deaton, a well-known American pro-cryptocurrency lawyer and Republican Senate candidate, recently stated that the excessive intervention of the U.S. Securities and Exchange Commission (SEC) in the cryptocurrency industry has caused retail investors to lose more than $15 billion. In a social media post on September 13, Deaton emphasized that the SEC's misconduct and serious overreaching of authority caused huge losses to 75,000 small investors, and he refused to accept the SEC's apology on behalf of these investors.
Earlier news, the SEC's total enforcement actions against cryptocurrency companies in 2024 reached a record high of $4.7 billion, an increase of more than 3,000% from $150.3 million in 2023. The surge was mainly due to the $4.47 billion settlement agreement reached with Terraform Labs and its former CEO Do Kwon in June this year, which was called the SEC's "largest enforcement action to date."