The SEC has fined the cryptocurrency industry $7.40 billion since 2013
2024-09-11 05:50:50
According to a study published by Social Capital Markets, the Securities Exchange Commission (SEC) has fined the cryptocurrency industry $7.40 billion since 2013.
The report said that with Terraform Labs agreeing to pay $4.47 billion earlier this year, the total fines for 2024 have exceeded previous years, reaching $4.70 billion. However, the report also said that the total number of fines issued fell to 11 from 30 last year, when the SEC imposed fines totaling $150 million on the crypto industry.
"The overall increase in fines indicates a strategic shift towards fewer, higher-impact cases," Social Capital Markets said in its report. "This change underscores the need for crypto firms to prioritise regulatory compliance as financial exposure associated with breaches has escalated."
The report said that with Terraform Labs agreeing to pay $4.47 billion earlier this year, the total fines for 2024 have exceeded previous years, reaching $4.70 billion. However, the report also said that the total number of fines issued fell to 11 from 30 last year, when the SEC imposed fines totaling $150 million on the crypto industry.
"The overall increase in fines indicates a strategic shift towards fewer, higher-impact cases," Social Capital Markets said in its report. "This change underscores the need for crypto firms to prioritise regulatory compliance as financial exposure associated with breaches has escalated."
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