A new report from the Financial Insight Agency Cornerstone Research claims that Gary Genler has delayed enforcement actions in the field of crypto currency in his final year as chairman of the American Securities and Exchange Commission (SEC).
According to the Cornerstone report entitled ‘SEC Cryptocurrency Enforcement’, the last year of Gentlers’ term was witnessed by a significant decrease in the crypto enforcement.
“After reaching the highest number of cryptocurrency-related enforcement measures in 2023, the SEC took a total of 33 actions in 2024, a decrease of 30% compared to the previous year. Half of the lawsuits were brought in September and October …
In 2024, the SEC 33 cryptocurrency-related enforcement measures took against 90 defendants or respondents. Of these actions, there were 25 lawsuits and eight administrative procedures. The most common accusations were still fraud and offering unregistered effects. Of the 33 enforcement actions set in 2024, 73% fraud claimed, 58% claimed a violation of unregistered securities offers, and 39% both claimed.
According to Cornerstone, 50% of all enforcement actions took place in the last quarter of 2024.
Despite the decrease in the number of enforcement actions, the reimbursements for fines that the SEC imposed on crypto companies, however, reached new record heights.
“The fines imposed on market participants in the field of digital assets reached a record high of 4.98 billion dollars in 2024, almost entirely as a result of a settlement of several billions of dollars …
In 2024, the SEC obtained a total monetary settlement of $ 4.55 billion in sec v. Terraform Labs PTE Ltd. et al., Of which $ 4.05 billion consisted of degorement and conservatory interest. This was the biggest fine ever imposed in a cryptocurrency-related enforcement action. ”
Three days ago, President Trump T. Uyeda appointed acting chairman of the SEC.
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