2024

Fish

<p>Investing in crypto is a risky bet, both for investors and for companies. While the former juggle with the volatility of digital assets, the latter can be wiped out in the blink of an eye by regulators. The SEC, the relentless American financial watchdog, has never been as harsh, handing out record fines this year, notably to Terraform Labs and its founder, Do Kwon.</p> 
<h2 id="h-the-sec-cracks-down-in-2024-with-historic-fines">The SEC Cracks Down in 2024 with Historic Fines</h2> 
<p><a href="https://www.cointribune.com/en/is-the-sec-giving-up-the-battle-against-cryptos/" target="_blank" rel="noreferrer noopener">Is the SEC really abandoning the battle against cryptos</a>? Not really. Indeed, the year 2024 marks a turning point in <strong>the SEC’s crusade against the crypto industry</strong>. With <strong><a href="https://cryptoslate.com/record-4-68-billion-fines-mark-secs-toughest-year-on-crypto/" target="_blank" rel="noreferrer noopener">$4.68 billion in fines</a></strong>, accounting for <strong>63% of the total accumulated since 2013</strong>, the commission has pulled out the heavy artillery.&nbsp;</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1"> 
 </div> 
</div> 
<p>The most emblematic case? <strong>Terraform Labs and its co-founder <a href="https://www.cointribune.com/qui-est-do-kwon/" target="_blank" rel="noreferrer noopener">Do Kwon</a></strong>, guilty of offering unregistered securities and deceiving investors.&nbsp;</p> 
<p>An exemplary punishment that reflects the <strong>SEC’s increasingly tough approach</strong>.</p> 
<ul> 
 <li>3018% increase in fines between 2023 and 2024</li> 
 <li>$426 million average fine per case</li> 
 <li>$7.42 billion in penalties since 2013</li> 
</ul> 
<div class="affiliate-button"> <a class="affiliate-button__link" href="https://join.swissborg.com/r/frederEZU5" target="_blank" rel="noreferrer noopener">Buy your crypto with Swissborg</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noreferrer noopener">This link uses an affiliate program.</a> 
</div> 
<p>In comparison, <strong>the year 2023 </strong>almost seemed like a break with <strong>only $150 million in fines</strong>.&nbsp;</p> 
<p>This escalation is part of the SEC’s desire to strictly regulate the digital asset market. Gone are the small sanctions, making way for <strong>mega-fines to make an impression and deter actors </strong>from taking liberties with the law.</p> 
<h2 id="h-a-tough-crypto-strategy-targeting-the-big-fish">A Tough Crypto Strategy: Targeting the Big Fish</h2> 
<p>Since its timid beginnings <strong>in 2013, when it handed out only $40.7 million in fines</strong>, the SEC has greatly evolved. The goal is now clear: <strong>target the big fish </strong>in the crypto industry.&nbsp;</p> 
<p>In 2019, <strong>Telegram was fined $1.24 billion</strong>, and <strong>Ripple, the issuer of the XRP crypto, was fined $125 million in 2021</strong>. In recent years, the agency no longer just hits companies, it also targets executives, as evidenced by the Barksdale case in 2022.</p>  
<div class="tradingview-widget-container tradingview--mini-chart"> 
 <div class="tradingview-widget-container__widget"></div> 
 <div class="tradingview--mini-chart--dark"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:XRPUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
 </div> 
 <div class="tradingview--mini-chart--light"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:XRPUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
 </div> 
 <div class="tradingview-widget-copyright">
  <a href="https://fr.tradingview.com/symbols/XRPUSD/?exchange=BINANCE" rel="noopener" target="_blank"><span class="text-primary-color">XRPUSD chart</span></a> by TradingView
 </div> 
</div>  
<p>In 2019, <strong>Telegram was fined $1.24 billion</strong>, and <strong>Ripple, the issuer of the XRP crypto, was fined $125 million in 2021</strong>. In recent years, the agency no longer just hits companies, it also targets executives, as evidenced by the Barksdale case in 2022.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2"> 
 </div> 
</div> 
<div class="tradingview-widget-container tradingview--mini-chart"> 
 <div class="tradingview-widget-container__widget"></div> 
 <div class="tradingview--mini-chart--dark"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:XRPUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script> 
 </div> 
 <div class="tradingview--mini-chart--light"> 
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:XRPUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script> 
 </div> 
 <div class="tradingview-widget-copyright">
  <a href="https://fr.tradingview.com/symbols/XRPUSD/?exchange=BINANCE" rel="noopener" target="_blank"><span class="text-primary-color">XRPUSD chart</span></a> by TradingView
 </div> 
</div>

Crypto: The SEC Strikes Hard With $4.68 Billion In Fines In 2024

Table of Contents

Cointribune EN

Other articles published on Sep 10, 2024

Bitcoin whale accumulation heats up ahead of US CPI report

Bitcoin Nears Key Resistance: Can It Break $57K and Rally?

Aptos Welcomes Brevan Howard, BlackRock, and Hamilton Tokenized Funds by Libre

Ether.fi Partners with Scroll: Introducing 8% Cashback Blockchain Credit Card

SEC’s Crypto Crackdown Reaches $4.68 Billion in 2024- Report

Angel Drainer Resurfaces: New Phishing Toolkit AngelX Deploys 300+ Malicious dApps

Join our free newsletter for daily crypto updates!