With the surging popularity of digital assets, the crackdowns by the United States Securities and Exchange Commission are also growing simultaneously. In the past few quarters, over 100+ crypto-based firms have battled a lawsuit by the SEC.
Recent data states that crackdown and enforcement actions against the firms providing crypto services grew by 3,000% in 2024 compared to 2023. One of the most significant actions by the SEC was a $4.47 Billion settlement with the collapsed Terraform Labs and Do Kwon at the end of Q2, 2024.
Social Capital reports that from 2013 to 2024, the SEC has collected $7.42 billion in fines; however, 60% ($4.68 billion) of this amount was collected in 2024. The reported total fine in 2023 was $150.26 Million, which reached $4.68 Billion in 2024 with a massive growth of 3018%.
The report further adds that the total fine collected by the SEC is from 11 crypto-based firms. Terraform Labs & Do Kwon has been struck with the highest fine in crypto history, followed by the fine imposed on Telegram and Ton User Inc. in 2019.
The U.S. SEC fined Ripple Labs Inc. in 2021 with a fine of $125,000,000 for selling XRP as an unregistered security. John Barksdale and JonAtina Barksdale were fined by the SEC $102.64 Million over the charges of a fraudulent ICO that falsely promised high returns through a crypto trading platform.
Market News Updates
In an X post dated September 06, 2024, Durov Pavel, the founder of Telegram, announced that the total number of premium users on the platform had reached the milestone of 10 Million.
Telegram has reached 10 million paid subscribers. 10 million people are now enjoying Telegram Premium! Today, we’re introducing new features while phasing out a few outdated ones. We’ve removed the People Nearby feature, which was used by less than 0.1% of Telegram…
— Pavel Durov (@durov) September 6, 2024
The same post adds that the platform is removing some old features, such as the People Nearby feature allegedly used by scammers and other bad actors, amounting to 0.1% of total telegram users.
“We’ve also disabled new media uploads to Telegraph, our standalone blogging tool, which seems to have been misused by anonymous actors,” the post additionally quotes.
As per the data from CryptoSlam(dot)io, CryptoPunks#3968 is sold for $1,278,397.13 (550.00 ETH), making it the NFT sold for the highest price followed by Paraluni Perpetual Bond #886 traded for $129,337.
Crypto Market Price Updates
When writing, the cryptocurrency market capitalization was $2.01 Trillion, with a surge of 3.80% in the past 24 hours. Despite intraday growth, the market cap is 3.50% down weekly and more than 6.50% in the past 30 days.
As of writing, Bitcoin trading prices were 1.20% down compared to the previous trading session, trading at $56,822. BTC’s press time trading prices are below 20, 50, 100, and 200 days EMA.
Popcat, Fantom, Bittensor, Dogwifhat, and Aave top the intraday gainers’ list. However, the loser list is led by Helium, followed by Gala, Monera, PayPal USD, and Starknet.
The fear and greed index powered by CoinMarketCap is at 46, reflecting neutrality. Although the week earlier, the meter constantly mirrored fear and bear dominance.
In the past 24 hours, Tether was one of the most traded, followed by Bitcoin, Ethereum, USDC, and First Digital USD.
