2022-01-25 02:30:09
The U.S. Securities and Exchange Commission (SEC) has brought 97 cryptocurrency enforcement actions so far. Furthermore, the securities regulator has imposed approximately $2.35 billion in total monetary penalties against digital asset market participants.
97 Crypto Enforcement Actions
Cornerstone Research published a report titled “SEC Cryptocurrency Enforcement: 2021 Update” last week. The report analyzes SEC enforcement activities from July 2013 to December 2021, the company detailed, elaborating:
Since the first action in July 2013, the SEC has brought a total of 97 enforcement actions as of December 31, 2021.
According to the report, 58 enforcement actions were cryptocurrency-related litigations and 39 were administrative proceedings. In addition, about half of the 58 litigations occurred in the state of New York. As of Jan. 3, 31 litigations had reached a resolution.
Moreover, the securities watchdog also brought 10 delinquent filing orders, 20 trading suspension orders, and a number of subpoenas and follow-on administrative proceedings.
The report also details: “As of year-end 2021, the SEC had imposed approximately $2.35 billion in total monetary penalties against digital asset market participants.”
The new SEC chairman, Gary Gensler, was sworn in on April 17, 2021. The report notes:
Under the new administration, the SEC’s enforcement activity has continued to focus on cryptocurrency-related actions.
Gensler has made cryptocurrency one of the SEC’s top priorities. Last week, he stressed that crypto trading platforms must be regulated to ensure investor protection. In December last year, the chairman added a crypto adviser to his executive staff.
The North American Securities Administrators Association (NASAA) and state regulators said earlier this month that “investments related to cryptocurrencies and digital assets is our top investor threat .. by far.”
What do you think about the number of crypto enforcement actions the SEC has taken? Let us know in the comments section below.
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