ChainCatcher Message, Coinbase's Vice President of Legal Ryan VanGrack pointed out that over 50% of the SEC's record total fines in 2024 come from the Terraform case's $4.4 billion, but that fine may be difficult to recover. VanGrack believes that an excessive focus on enforcement data may create incorrect incentives and suggests focusing on the amount returned to harmed investors as a metric.

The Wall Street Journal previously reported that the SEC currently has uncollected fines totaling as much as $10 billion, including the $62 million (which has grown to $180 million with interest) imposed on Paul Bilzerian 31 years ago for securities fraud, highlighting the SEC's limitations in enforcement recovery.