According to a study published by Social Capital Markets, the U.S. Securities and Exchange Commission (SEC) has levied a total of $7.4 billion in fines on the cryptocurrency industry since 2013.
The report highlights that, with Terraform Labs agreeing to pay $4.47 billion earlier this year, fines in 2024 have already surpassed previous years, reaching $4.7 billion. However, the report also notes that the number of fines issued has decreased from 30 cases last year to 11 cases this year, when the SEC imposed $150 million in penalties on the crypto industry.
Social Capital Markets stated in its report, “The overall increase in fine amounts indicates a strategic shift towards fewer, more impactful cases. This shift underscores the need for cryptocurrency companies to prioritize regulatory compliance, as the financial risks associated with violations have intensified.”