According to a new report, crypto enforcement actions by the U.S. Securities and Exchange Commission (SEC) reached a new high in 2023, with more than a 50% increase compared to the previous year. The SEC continues to prioritize cryptocurrency-related enforcement, bringing a total of 46 enforcement actions against various digital-asset market participants.
SEC Prioritizes Crypto Enforcement
A recent report by Cornerstone Research titled "SEC Cryptocurrency Enforcement" highlights the SEC's heightened focus on digital assets in 2023.
Cornerstone Research describes, "The Securities and Exchange Commission (SEC) continues to view cryptocurrency-related enforcement as a top priority, bringing 46 enforcement actions against various digital-asset market participants in 2023." This marks the highest number of enforcement actions since 2013, representing a significant 53% increase from the previous year.
In the first quarter of 2023 alone, the SEC brought 20 enforcement actions, setting a new record for the highest number of actions in a single quarter.
The report further reveals that out of the 46 enforcement actions, 26 were litigations in U.S. federal courts, and 20 were administrative proceedings. This represents a notable increase in administrative proceedings compared to the previous year. The SEC imposed a total of $281 million in monetary penalties for settlements reached.
Among the enforcement actions, approximately 37% were linked to initial coin offerings (ICOs), showing a decrease from the previous year. Of the 17 ICO-related actions, 82% involved allegations of fraud. Notably, the SEC initiated two administrative proceedings related to non-fungible tokens (NFTs) for the first time.
The report highlights the increasing trend of SEC enforcement actions in the crypto space over the past two years. SEC Chair Gensler has emphasized that enforcement is a tool and not the final goal.
In 2023, the SEC brought charges against a total of 124 individuals or entities in cryptocurrency enforcement actions. Individuals accounted for 54% of the charges, while firms represented 46%. This marks a decrease in the percentage of enforcement actions solely targeting individuals compared to the previous year.
What are your thoughts on the record high of SEC enforcement actions against crypto individuals and firms? Share your opinions in the comments section below.
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How To
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