US SEC has fined cryptocurrency industry $7.4bn since 2013

The US Securities and Exchange Commission (SEC) has fined the cryptocurrency industry $7.4bn since 2013, according to a study published by Social Capital Markets. With Terraform Labs agreeing to pay $4.47bn earlier this year, the total fines for 2024 have already surpassed previous years, reaching $4.7bn, the report said. However, the report also said that the total number of fines issued dropped to 11 from 30 last year, when the SEC imposed fines totalling $150 million on the crypto industry. Social Capital Markets said in its report, ‘The overall increase in fines suggests a shift in firms’ strategies towards fewer, higher impact cases. This change underscores the need for cryptocurrency firms to prioritise regulatory compliance as the financial risks associated with breaches have escalated.’