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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

NEAR Protocol Achieves 50 Million Operations Milestone

chest

NEAR Protocol's chain abstraction infrastructure has surpassed 50 million lifetime operations, marking a significant achievement in simplifying multichain crypto interactions.

user avatarArif Mukhtar

Solana Sees Significant RWA Inflows

chest

Solana has recorded $348 million in net inflows of real-world assets over the past 30 days, increasing its tokenized RWA value to $720 million.

user avatarMaria Gutierrez

Aave Governance Considers Emergency Powers to Protect Users

chest

Aave governance is considering a proposal to grant emergency powers to guardians to freeze vulnerable lending pools during security threats.

user avatarDavid Robinson

Router Protocol Users Must Move Assets During Grace Period

chest

Router Protocol users must take action during the grace period to bridge assets back to origin chains before relayer nodes are disconnected.

user avatarJacob Williams

Arbitrum Proposes Disqualification of Three DeFi Protocols from Future Grants

chest

A new governance proposal by Arbitrum aims to disqualify three DeFi protocols from future DAO grant allocations due to alleged reporting failures and misuse of prior incentives.

user avatarAndrew Smith

Router Protocol to Shut Down Crosschain Network and Burn 303 Million Tokens

chest

Router Protocol has announced a deprecation plan to shut down its crosschain messaging network and burn 303 million ROUTE tokens due to unsustainable maintenance costs.

user avatarZainab Kamara

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.