Wu said that Coinbase's Vice President of Legal, Ryan VanGrack, pointed out that over 50% of the record total fines of the SEC in 2024 come from the Terraform case's $4.4 billion, but this fine may be difficult to recover. VanGrack believes that excessive focus on enforcement data may create wrong incentives and suggests focusing on the amount returned to harmed investors as a metric. The Wall Street Journal previously reported that the SEC has not yet collected fines amounting to $10 billion.