The SEC has set a new record for penalties in fiscal year 2024, collecting $8.2 billion despite a 26% drop in cases. This surge is largely due to a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, over a 2022 fraud case. Without this, the SEC's collections would have been at their lowest since 2013. Under outgoing Chair Gary Gensler, the SEC has been tough on crypto, though crypto-related actions fell to 11 in 2024. The industry anticipates a shift as President-elect Trump has vowed to ease regulations.