According to a report by Cointelegraph on September 10, in the 2024 fiscal year, the U.S. Securities and Exchange Commission (SEC) has significantly increased its enforcement efforts in the cryptocurrency industry. As per the report released by Social Capital Markets, the total amount of fines imposed by the SEC on cryptocurrency companies and executives this fiscal year has surged to 4.70 billion US dollars, a whopping 3018% increase from 150.30 million US dollars in the 2023 fiscal year.

Notably, the 44.7 billion US dollars settlement agreement reached between the SEC and Terraform Labs and its former CEO Do Kwon in June 2024 accounts for a significant portion, setting a new record for the largest single enforcement action by the agency to date. Despite the decrease in the number of enforcement cases in the 2024 fiscal year, the total amount of fines has exceeded the cumulative total from the fiscal years 2013 to 2023, highlighting the SEC's strategic shift towards high-impact cases.

Data: SEC's cryptocurrency enforcement fines reached 4.70 billion USD in 2024, a year-on-year increase of over 30 times.