Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
SEC’s Escalating Crypto Enforcement
Crypto Report | Jan 24, 2024
Image: Cornerstone Research
SEC Intensifies Crypto and Digital Asset Oversight in 2023
As highlighted in a comprehensive report by Cornerstone Research (view release), in 2023, the U.S. Securities and Exchange Commission (SEC) intensified its regulatory oversight and enforcement of crypto reflecting a strategic prioritization of digital asset market regulation under the leadership of Chair Gary Gensler.
See: CSA Consultation on Public Investment Funds and Crypto Assets
- The SEC executed 46 enforcement actions against various digital asset market participants in 2023, a 53% increase from the previous year and the highest number since 2013.
- These actions comprised 26 litigations in U.S. federal courts and 20 administrative proceedings, indicating a broad scope of regulatory reach.
- Of the 46 enforcement actions, 26 cases (57% of the total) involved allegations of fraud.
- 28 of these actions (61% of the total) were related to claims of violations concerning unregistered securities offerings.
- The SEC levied a cumulative total of approximately $2.89 billion in fines and penalties against participants in the digital asset market.
Outlook
Gary Gensler's enforcement trend is likely to continue as the SEC maintains its focus on investor protection and market integrity. Crypto entities and investors must adapt to the emerging regulatory landscape to mitigate risks and ensure compliance.
Download the 29 page PDF --> here
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