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SEC Lawsuits and Regulatory Crackdown on Crypto in 2024


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20241226


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SEC Lawsuits and Regulatory Crackdown on Crypto in 2024 The SEC remained public enemy• Музыка » Музыка США » Музыкальные жанры США » Афроамериканские музыкальные стили » Хип-хоп » Рэп-группы » Public Enemy No.1 for the US crypto industry, ramping up its enforcement efforts in 2024. The regulatory agency issued record-breaking penalties to crypto companies throughout the year. With a potential change in the SEC’s regulatory stance anticipated under Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s upcoming administration, here’s a look back at how the agency scrutinized crypto companies this year. Record-Breaking Fines Highlight SEC’s Stance on Crypto The year marked a turning point for the regulator’s approach, with fewer enforcement actions but significantly higher fines. In 2024, the SEC imposed $8.2 billion in penalties on 583 crypto companies. This figure is larger than the cumulative fines levied over the past 12 years. Most surprisingly, this dramatic increase came from just 11 cases, each involving substantial financial misconduct. Sponsored Sponsored One of the most significant cases revolved around Terraform Labs. Its founder, Do Kwon , faced accusations of orchestrating one of the largest securities frauds in US history. Following a jury trial in Manhattan, Terraform Labs settled with the SEC for $4.5 billion . “Terraform Labs PTE, Ltd. & Do Kwon agreed to pay more than $4.5 billion following a unanimous jury verdict holding them liable for orchestrating a years-long fraud involving crypto asset securities that led to massive investor losses when the scheme unraveled,” The SEC posted back in June. Terraform, which filed for bankruptcy in January, will prioritize compensating crypto investors during its liquidation process before fulfilling the SEC’s settlement. The firm estimates that eligible stakeholders may recover between $184.5 million and $442.2 million, leaving much of the settlement amount unpaid. Fraud Cases Dominate SEC’s Enforcement Actions The SEC pursued several cases of fraud, with Touzi Capital and its founder, Eng Taing, among the most prominent. Touzi Capital raised over $100 million from investors, promising secure, high-yield crypto mining projects and debt rehabilitation ventures. However, the SEC alleged that the funds were misused and diverted into unrelated businesses for personal gain. According to the complaint, the company’s Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin mining operations were plagued by fluctuating energy costs and equipment issues, contrary to its marketing claims of reliability and profitability. So, the SEC seeks permanent injunctions, civil penalties, and a ban on Taing s serving as an officer or director in any company. Another notable development involved BitClave, a blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн • Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн startup accused of violating securities laws during its 2017 ICO . The SEC distributed $4.6 million to investors from the BitClave Fair Fund . Sponsored Sponsored This fund compensated those affected by the collapse of the company’s Consumer Activity Token (CAT) offering. Crypto Firms Push Back Against SEC Lawsuits Some of the SEC s lawsuits have helped fight scamsters and frauds. However, crypto industry leaders dislike the lack of clarity and the regulation-by-enforcement approach. For instance, the SEC has taken legal actions against various crypto exchanges, categorizing crypto transactions as securities. The SEC lawsuits and enforcement actions prompted significant resistance from major players in the crypto industry. Crypto.com, after receiving a Wells notice in October , preemptively sued the agency. The company’s CEO, Kris Marszalek, criticized the regulator’s stance, claiming it unfairly categorized most crypto transactions as securities. This has been an ongoing trend from the agency under Gary Gensler’s direction. However, Crypto.com withdrew this lawsuit earlier in December after Marszalek met with President• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США • Соединённые Штаты Америки (США) » Государственное устройство США » Президент США • Политика » Политика США » Политики США » Президент США • Государство » Государственное устройство США » Президент США-elect Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд . It seems that the industry is hopeful about a potential shift in SEC’s crypto instance under the new leadership of Paul Atkins. Despite the looming administration change, the SEC has still been sending out Wells notices. Crypto .com, however, is so confident the SEC will be hobbled by the new administration that they withdrew a lawsuit against the agency — the same day their CEO met with Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд, Crypto resercher Molly White wrote on X (formerly Twitter). Meanwhile, Binance and its former CEO, Changpeng Zhao, also sought to challenge the SEC’s enforcement approach. Their legal team filed a motion to dismiss an amended complaint, arguing that the SEC failed to provide clear criteria for determining when crypto transactions qualify as securities. Sponsored Sponsored The defense cited inconsistencies with prior rulings, including the high-profile SEC vs. Ripple case , which concluded that XRP was not a security in all scenarios. Similarly, Kraken disputed the SEC’s claims that certain digital assets, such as ADA and SOL , meet the definition of securities. Citing the Howey test , Kraken argued that these assets do not qualify as investment contracts and accused the SEC of regulatory overreach. Gensler s policy was one extreme, but the remaining question is if we will shift to another extreme. I think there is already progress in pushing forward a neutral stance and regulation/adoption from the SEC, Sander Gortjes, Co-Founder of HELLO Labs told BeInCrypto Legal and Financial Repercussions for DeFi Protocols The SEC also targeted decentralized finance ( DeFi ) protocols, with Rari Capital facing accusations of misleading investors and operating unregistered investment products. At its peak, Rari managed over $1 billion in crypto assets through its earn and fuse pools, which promised automatic rebalancing for optimal returns. However, the SEC alleged that these processes often required manual intervention, contradicting the company’s claims. The SEC’s efforts extended to individual promoters, including Vy Pham, who was charged with illegally selling unregistered securities through the promotion of Saitama Inu tokens . Pham allegedly misled investors with inflated claims about the token’s value and potential returns, profiting at their expense. Sponsored Sponsored In addition to enforcement actions, the SEC found itself embroiled in legal battles initiated by crypto firms. Bitnomial, a Chicago-based derivatives exchange, filed a lawsuit against the SEC . The exchange argued that its XRP futures contracts fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC). A Landmark Victory Against Coinbase Earlier this year, the SEC secured a ruling allowing its lawsuit against Coinbase to proceed to trial. The case centers on allegations that the exchange engaged in unregistered securities sales. US District Judge Katherine Polk Failla ruled that the transactions in question fall within the framework courts have used to identify securities for decades, reinforcing the SEC’s authority over crypto platforms. Sponsored Sponsored The outcome of this trial could have far-reaching implications for the industry as it tests the limits of the SEC’s regulatory power and the legal classification of digital assets. The SEC’s actions in 2024 reflect an increased crackdown on the cryptocurrency industry. However, under a new pro-crypto government, the industry and community members are expecting the agency’s stance to change significantly. Gary Gensler is not the origin of the crypto crackdown by the US SEC. However, he amplified the enforcement actions beyond his predecessors. As a pro-crypto SEC Chair, Paul Atkins is expected to lead differently, showcasing collaboration with the crypto and broader financial ecosystems, said Maksym Sakharov, co-founder of WeFi. Major cryptocurrencies such as XRP have already rallied based on such optimism. Yet, the true scope of these changes will only be realized in the coming months. 🎄Best crypto platforms in Europe | December 2024 eToro Explore Wirex Explore YouHodler Explore Phemex Explore Margex Explore 🎄Best crypto platforms in Europe | December 2024 eToro Explore Wirex Explore YouHodler Explore Phemex Explore Margex Explore 🎄Best crypto platforms in Europe | December 2024 eToro Wirex YouHodler Phemex Margex Disclaimer Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions , Privacy Policy , and Disclaimers have been updated.

============= Итог:
2,8660 ; Экономика#Финансы#Платежные средства#Платежные системы интернета
	#Криптовалюта#Bitcoin#Блокчейн

2,8660 ; Информационные технологии#Информационно-коммуникационные технологии
	#Информационные технологии и телекоммуникации#Базы данных
	#Публичная база транзакций#Блокчейн#Bitcoin
2,8660 ; Информационные технологии#Информационно-коммуникационные технологии
	#Информационные технологии и телекоммуникации#Базы данных
	#Публичная база транзакций#Блокчейн#Криптовалюта

2,8563 ; Политика#Политика США#Политики США#Президент США#Трамп, Дональд

1,3333 ; Музыка#Музыка США#Музыкальные жанры США
	#Афроамериканские музыкальные стили#Хип-хоп#Рэп-группы#Public Enemy

2,9188 ; Соединённые Штаты Америки (США)#Политика США#Политики США#Президент США
	#Трамп, Дональд
============= Объекты:
персоналии

	Трамп, Дональд
		
		Избранный президент США
		Президент США (2017/01/20-2021/01/20)
соц_роль

	Президент США

============= Связи:
	Bitcoin # ассоциации # Блокчейн
	Криптовалюта # ассоциации # Блокчейн