According to a recent report by Cornerstone Research, significant reductions in cryptocurrency enforcement actions occurred during Gary Gensler’s final year as Chairman of the U.S. Securities and Exchange Commission (SEC). The report reveals a 30% decrease in enforcement actions related to cryptocurrencies in 2024 as compared to the previous year. Notably, 2023 witnessed the highest number of such actions, while 2024 saw this number drop to 33.
Decline in SEC’s Crypto Enforcement Actions
The report titled “SEC Cryptocurrency Enforcement” highlights that although the number of enforcement actions declined, the financial penalties imposed on crypto firms reached an all-time high. In 2024, these penalties amounted to $4.98 billion, primarily driven by a single billion-dollar settlement.
According to Cornerstone Research, “In 2024, the SEC secured a total of $4.55 billion in financial settlements against Terraform Labs PTE Ltd. and others. Of this amount, $4.05 billion was attributed to returned revenues and pre-judgment interest.”
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