ChainCatcher news, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC)’s enforcement efforts against the cryptocurrency industry have shown a significant upward trend in fiscal year 2024. According to a report released by Social Capital Markets, the total number of fines imposed by the SEC on enforcement actions against cryptocurrency companies and executives this fiscal year has climbed to $4.7 billion, a 3018% increase from $150.3 million in fiscal 2023.
The report shows that the SEC has implemented 11 enforcement actions this fiscal year, which is 19 fewer than the previous fiscal year, but the total amount of fines has reached a record high. Among them, the $4.47 billion settlement agreement reached by the SEC with Terraform Labs and its former CEO Do Kwon in June 2024 accounts for the majority, constituting the "largest single enforcement action to date."
Data analysis shows that the SEC is shifting to a strategic adjustment for high-impact cases. Since 2020, 46% of fines have been less than $1 million, and 30% have been between $1 million and $10 million. It is worth noting that the SEC's $1.24 billion enforcement action against Telegram in fiscal year 2019 (including $18.5 million in civil penalties and $1.2 billion in asset recovery) increased the average fine for the year by nearly 2,000% year-on-year to more than $70 million.
