SEC Collects $8.2 Billion in Crypto Penalties in 2024

In fiscal year 2024, the Securities and Exchange Commission accumulated a total of $8.2 billion in monetary penalties, marking the highest amount ever collected in the regulator’s history.

This record-breaking figure, which represents a 67% increase from the previous fiscal year’s total of $4.9 billion, concludes the tenure of Gary Gensler, who plans to step down as agency Chair in January when President-elect Donald Trump assumes office.

More than half of the monetary judgments resulting in the 2024 total came from the SEC’s victory in a jury trial against Terraform Labs and its former CEO, Do Kwon, who were charged with one of the largest securities frauds in the country. Gensler’s strict stance on crypto companies has been widely celebrated by the growing industry, which is eagerly anticipating his departure from the agency.

Despite a decrease in the number of cases pursued by the SEC (583, representing a 26% decline from the previous year), the record penalty collection was achieved due to a focus on record-keeping violations involving off-channel communications.

This resulted in cases against approximately 70 firms that ultimately yielded over $600 million in civil penalties. Additionally, the SEC barred 124 individuals from serving as officers and directors of public companies, the second-highest number in the past decade.