Summary
The US Securities and Exchange Commission (SEC) brought 46 enforcement actions against cryptocurrency firms in 2023, a record high for the agency. This represents an increase of over 50% compared to 2022. The majority of the actions alleged violations of securities laws, while fraud allegations were also common. The SEC imposed $2.89 billion worth of penalties on crypto market participants by the end of 2023. The agency’s fiscal year runs from September to September, so the reported numbers may differ. SEC Chair Gary Gensler has emphasized that enforcement is a tool and not the ultimate goal of the agency.
Key Points
1. The US Securities and Exchange Commission brought 46 actions against crypto firms in 2023, marking the highest number of cryptocurrency-related enforcement actions brought by the SEC in a single year.
2. Since 2013, the SEC has brought a total of 173 enforcement actions against crypto entities, with 2023 setting a new record high.
3. The SEC imposed $2.89 billion worth of penalties on crypto market participants by the end of 2023, with settlements amounting to over $281 million last year.