Odaily Planet Daily News The U.S. Securities and Exchange Commission (SEC)’s enforcement efforts against the cryptocurrency industry showed 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. Among them, the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon in June 2024 accounted for the main part, setting a record for the agency’s largest single enforcement action to date. Notably, although the number of enforcement cases decreased in fiscal year 2024, the total amount of fines exceeded the cumulative amount from fiscal years 2013 to 2023, highlighting the SEC's strategic shift toward targeting high-impact cases. (Cointelegraph)