2024 Year Sets Record for SEC Fines Against Cryptocurrency Companies

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Major Fines in 2024
  2. Breakdown of Fines
  3. Review of Significant Fines


    4. 2024 has turned out to be a record year for the US Securities and Exchange Commission (SEC) in its enforcement against cryptocurrency firms. The SEC has reportedly imposed fines amounting to approximately $4.7 billion on executives and companies within the crypto industry.

    Major Fines in 2024

    The bulk of this amount came from the $4.6 billion settlement with Do Kwon's Terraform Labs a few months ago. According to Social Capital, the SEC has collected over $7.2 billion in fines since it began overseeing the industry in 2013. In 2024, the SEC has carried out 11 enforcement actions against crypto firms, leading to a 3,018% increase from the $159.3 million in fines it secured in 2023. Interestingly, the SEC has taken 19 fewer actions against crypto firms in 2024 compared to the previous year.

    Breakdown of Fines

    The total fines for 2024 include several parts such as forfeiture, disgorgement, civil penalties, settlements, and interest. The report observed a shift in the regulator’s enforcement approach. The SEC appears to focus on fewer but bigger cases. The regulator mostly targets cases that can set examples for the whole industry.

    Review of Significant Fines

    The SEC has imposed some heavy fines in recent years. For example, it fined Telegram $1.24 billion, which included $18.5 million in civil penalties and $1.2 billion paid back to investors. The SEC also fined GTV Media Group, Ripple Labs, and John and Tina Barksdale over $100 million each.

    Record fines by the SEC in 2024 highlight the regulator's efforts to establish control over the cryptocurrency industry. The future will show how these measures impact the further development of the sector.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Plex Media Server Vulnerabilities Exploited for Cryptojacking

Attackers are exploiting vulnerabilities in Plex Media Server to install unauthorized cryptocurrency miners and a Linux proxy backdoor.

user avatarTomas Novak

Super League Shareholders Approve Metaplanets Bitcoin Treasury Proposal

Super League shareholders approved a proposal for Metaplanets to contribute 2,100 BTC and $25 million to a new US-listed Bitcoin treasury platform.

user avatarKaterina Papadopoulou

Sophon Sets Withdrawal Deadline Ahead of Mainnet Shutdown

Sophon has set a deadline for users to withdraw their assets by November 25 ahead of the shutdown of its standalone chain.

user avatarMaya Lundqvist

Large Hyperliquid Trader Rebuilds Ethereum Short After Significant Losses

A trader on Hyperliquid rebuilt a substantial Ethereum short position worth approximately $16 million after incurring losses of around $469,000.

user avatarLeo van der Veen

Tron Surpasses Ethereum and Solana in Blockchain Fee Revenue

Tron has generated approximately $234 million in chain revenue over the past 30 days, surpassing Ethereum and Solana.

user avatarLi Weicheng

New Reporting Requirements Proposed for Crypto Holders in France

A proposed amendment would require crypto holders to declare self-custodied assets worth over €100,000, with penalties for non-compliance.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.