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Wednesday, July 28, 2021

SEC Has Filed More than $1.77B in Cryptocurrency Related Enforcement Actions Since 2013

The United States Securities and Exchange Commission (SEC) has filed 75 enforcement actions against crypto companies and individuals involving allegations of fraud or unregistered initial coin offerings over the past 7 years resulting in more than $1.77 billion in penalties.

The Cornerstone Research report regarding SEC cryptocurrency-related enforcement from July 1, 2013, to Dec. 31, 2020, revealed that out of the 75 enforcement actions, US district courts litigated 43 cases and the SEC resolved 32 as administrative proceedings. It has also issued 19 trading suspensions orders since 2013.

“In the last seven years or so, the SEC has established itself as one of the main regulators policing the cryptocurrency space. As of early March this year, the SEC has settled over 70% of the enforcement actions for more than $1.77 billion in total monetary penalties,” said Simona Mola, senior manager at Cornerstone Research and author of the report.

The report also revealed that 69% of the allegations involved unregistered securities offerings which were mostly related to initial coin offerings or ICOs and 52% are allegations of fraud.

“I am watching the outcome of this case closely because it will help to establish the scope of the SEC’s authority in the digital assets space”, said Commodity Futures Trading Commission Commissioner Stump regarding the outcomes of the report.

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