ChainCatcher message, Coinbase's Vice President of Legal Ryan VanGrack reminds everyone that more than half of the SEC's record fines in 2024 come from the $4.4 billion case against Terraform, but this money may be difficult to recover. 💸

VanGrack stated that focusing too much on enforcement data could lead to incorrect incentive mechanisms. He suggested that people should pay more attention to the amounts that have already been returned to harmed investors, which may be more meaningful. 📊

The Wall Street Journal also pointed out that the SEC currently has uncollected fines amounting to $10 billion, including a huge fine from Paul Bilzerian 31 years ago. This highlights the challenges the SEC faces in collecting fines. 🔍