A new report from financial insights firm Cornerstone Research claims that Gary Gensler slowed down cryptocurrency enforcement actions in his final year as head of the US Securities and Exchange Commission (SEC).
According to a Cornerstone report Titled “Cryptocurrency Enforcement by the SEC” The last year of Gensler’s tenure saw a significant decline in crypto enforcement.
“After reaching the highest number of enforcement actions related to cryptocurrencies in 2023, the SEC took a total of 33 actions in 2024, a 30% decrease from the previous year. Half of the cases were filed in September and October..
In 2024, the SEC filed 33 cryptocurrency-related enforcement actions against 90 defendants or respondents. Of these, 25 were lawsuits and eight were administrative actions. The most common allegations remained fraud and unregistered securities offerings. Of the 33 enforcement actions filed in 2024, 73% alleged fraud, 58% alleged violation of an unregistered securities offering, and 39% alleged both.
According to Cornerstone, 50% of all enforcement actions came in the fourth quarter of 2024.
However, despite the decline in enforcement actions, SEC penalty fees against cryptocurrency companies have reached new highs.
“Monetary penalties imposed in 2024 against digital asset market participants reached a record high of $4.98 billion, due almost entirely to a single multi-billion-dollar settlement…
During 2024, the SEC obtained an aggregate cash settlement of $4.55 billion in SEC v. Terraform Labs PTE Ltd. and others, of which $4.05 billion consisted of return and advance judgment interest. “This was the largest financial penalty ever imposed in an enforcement action related to cryptocurrencies.”
Three days ago, President Trump His name Mark T. Ueda is acting Chairman of the Securities and Exchange Commission.
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