Fiscal year 2024 was marked by unprecedented enforcement actions by the Securities and Exchange Commission (SEC) against the crypto industry. With a total of 583 enforcement actions, the SEC successfully obtained orders for financial remedies amounting to $8.2 billion, an all-time high for the agency.
Record fines for the SEC in 2024
The SEC's enforcement actions in 2024 have targeted high-risk sectors, including crypto and private funds. With historic financial remedies at $8.2 billion with an increase of 14% from the previous year, the SEC underscores its commitment to maintaining the integrity of the financial markets and protecting investors.
By imposing these record financial penaltiesGary Gensler's agency sends a clear message of its intention to crack down on fraudulent and non-compliant practices. “The Division of Enforcement is an unyielding guardian, following the facts and the law wherever they lead to hold violators accountable” As current SEC Chairman Gary Gensler pointed out, very pleased of these results.
SEC VS Crypto
In 2024, the SEC intensified its actions against the crypto industry, imposing astronomical fines and obtaining significant convictions. As a reminder, Ripple was ordered to pay $125 million for the unregistered sale of its XRP token. Then, the complaint against Binance was amended, removing Solana from the list of financial securities. Finally, Changpeng Zhao, the CEO of Binance, was sentenced to four months in prison with a fine of $50 million for violations of the law on money laundering.
All these battles led by the SEC have slowed the development of the crypto ecosystem, to the great dismay of the main players. The departure of Gary Gensler in January 2025 is a relief for the industry, which hopes for more favorable regulation and an environment more conducive to innovation.
In short, the SEC's record financial appeals in 2024 above all reflect the SEC's decisive actions against the crypto industry, slowing its development. The imminent departure of Gary Gensler therefore raises hopes for more favorable regulation, allowing the crypto ecosystem to return to a peaceful environment.
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