The United States Securities and Exchange Commission (SEC) crypto enforcement penalties have hit a record $4.7 billion. The registered value signifies a considerable increment, ranging about 3,000% from last year’s over $100 million worth of fines,
Notably, renowned crypto and blockchain platform “Social Capital Markets” reported the above findings on its official website. Interestingly, the carved-out statistics contained crypto enforcement penalties valuation from 2013 till date.
Crypto Enforcement Monetary Values History
According to Social Capital Markets data, the SEC has overseen 148 enforcement actions between 2013 till present. Remarkably, 2023 witnessed the highest number of enforcement actions at 30. The penalty fees in 2023 summed up to about $150,267,858.
Contrary to 2023, 2024 has registered only 11 enforcement actions, incurring $4,686,644,126 in fines. Overall, the total accumulated sums from the SEC penalty fees from 2013 till date was $7,416,230,573 from 148 total enforcement actions.
Meanwhile, analyzing the list closely, a distinct finding emerged. The unique discovery pointed out that regulatory default fees imposed by the SEC have remained below a billion dollars except in 2019 and recently 2024.
Notedly, in 2019, the accumulated enforcement fees struck $1,342,850,848 from 19 enforcement. Hence, the value registered this year will succeed in 2019 as the year with the highest spent amount via regulatory defaults.
Terraform Labs and Do Kwon Fines Driving 2024’s Massive Penalty Fees
The $4.47 settlement fee by the SEC in the case involving Terraform Labs and its former Chief Executive Officer (CEO) Do Kwon in June was responsible for the massive enforcement fees hike in 2024. Notably, the growing trend signifies law enforcement agency involvement in similar cases.
“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the released statement from the crypto and blockchain platform read in part. Hence, it alleviates fear emanating from randomly meeting strangers for advice.
