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Home»TRADING NEWS»SEC Cryptocurrency Enforcement Reaches Highs by 2023
TRADING NEWS

SEC Cryptocurrency Enforcement Reaches Highs by 2023

By Crypto FlexsJanuary 28, 20242 Mins Read
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SEC Cryptocurrency Enforcement Reaches Highs by 2023
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Cryptocurrency crackdowns by the U.S. Securities and Exchange Commission (SEC) will surge in 2023, with more than 50% more cryptocurrency-related enforcement actions compared to 2022, according to a new report. The report said securities regulators “have made cryptocurrency-related enforcement a top priority and have taken 46 enforcement actions against various digital asset market participants.”

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SEC prioritizes cryptocurrency enforcement

Cornerstone Research published a report this week titled “SEC Cryptocurrency Enforcement,” revealing that the SEC’s focus on digital asset enforcement hit new highs last year.

“The Securities and Exchange Commission (SEC) continues to consider cryptocurrency-related enforcement a top priority, resulting in 46 enforcement actions against various digital asset market participants in 2023,” Cornerstone Research explained. .

This is the highest since 2013 and a 53% increase compared to 2022.

“In the first quarter of 2023 alone, the SEC took 20 actions, the highest in a single quarter,” the report added.

“Of the 46 enforcement actions, the SEC filed 26 lawsuits and 20 administrative actions in U.S. federal courts in 2023,” the report said. Compared to last year, administrative litigation has more than tripled and the number of lawsuits has increased slightly. The SEC imposed a monetary penalty of $281 million for reaching the settlement.”

Approximately 37% of the SEC’s enforcement actions in 2023 involved initial coin offerings (ICOs), a decrease from the 47% reported in 2022. Of the 17 ICO-related actions, 82% involved allegations of fraud. In particular, the SEC initiated two administrative proceedings related to non-fungible tokens (NFTs) for the first time.

Report details:

Chairman Gensler noted that ‘enforcement is a tool, not an end,’ and the number of SEC enforcement actions introduced in the cryptocurrency space has increased over the past two years.

The SEC charged 124 individuals or entities in connection with cryptocurrency enforcement actions in 2023, 54% of whom were individuals and 46% representing businesses. In particular, the proportion of enforcement actions targeting individuals alone decreased to 39% from 50% the previous year.

What do you think about SEC enforcement actions against cryptocurrency individuals and companies reaching an all-time high? Let us know in the comments section below.

Source: Bitcoin.com

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