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

According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has significantly increased its enforcement actions in the cryptocurrency industry for the fiscal year 2024. As per a report by Social Capital Markets, the total fines imposed by the SEC in this fiscal year for cryptocurrency companies and executives have surged to 4.70 billion U.S. dollars, a staggering 3018% increase from the 1.503 billion U.S. dollars in the fiscal year 2023. The report indicates that the SEC conducted a total of 11 enforcement actions this fiscal year, which is a decrease of 19 from the previous fiscal year, but the total fines reached a historical high. Among them, the 44.7 billion U.S. dollars settlement agreement reached by the SEC with Terraform Labs and its former CEO Do Kwon in June 2024 accounted for the majority, constituting the 'largest single enforcement action to date'.