SEC Fines Crypto Companies with $4.7B
The United States Securities and Exchange Commission (SEC) has this year imposed over $4.7 billion in enforcement actions against crypto firms, representing a drastic increase of 3,018% from the previous year.
The record-breaking year of the SEC was largely driven by its monumental $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon in June, which is the largest enforcement action the SEC has ever taken.
According to a report by Social Capital Markets released on September 9th, the SEC had 11 enforcement actions this year, resulting in the huge jump in fines, despite having 19 fewer actions against crypto firms compared to the previous year.
It is important to note that the total amount of fines includes forfeiture, disgorgement, civil penalties, settlement, and prejudgment interest, and is calculated from the time the SEC initiated the enforcement action.
