SEC nets record $8.2B from enforcement, mostly from Terraform Labs
The SEC recorded $8.2 billion in penalties and fines for fiscal year 2024, the highest in its history, primarily due to a $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon for fraud related to the 2022 collapse of its blockchain ecosystem. The number of enforcement cases decreased by 26% to 583. Without the Terraform settlement, the SEC would have collected $3.72 billion, marking its lowest since 2013. The total included $2.1 billion in penalties and a record $6.1 billion in disgorgement. Outgoing SEC Chair Gary Gensler emphasized the agency's commitment to accountability. Crypto-related enforcement actions peaked last year but dropped to 11 in 2024, despite a significant increase in fines due to Terraform's case. The US crypto industry anticipates a potential easing of regulatory enforcement under President-elect Donald Trump.
