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 Buy Physical Gold in An IRA
The most obvious way to invest in gold is by buying shares from companies producing gold. This method is not without risks. There's no guarantee these companies will survive. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
You can also buy gold directly. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It is also easier to check how much gold you have stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. You also have a lower chance of theft than stocks.
However, there can be some downsides. You won't be able to benefit from investment funds or interest rates offered by banks. Additionally, you won’t be able diversify your holdings. You will remain with the same items you bought. Finally, tax man may want to ask where you put your gold.
Visit BullionVault.com to find out more about gold buying in an IRA.
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