SEC Takes 97 Crypto Enforcement Actions So Far – Crypto is a Top Priority for Chairman Gensler

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The U.S. Securities and Exchange Commission (SEC) has filed 97 cryptocurrency enforcement actions so far. Additionally, the securities regulator imposed approximately $2.35 billion in total monetary penalties on digital asset market participants.

97 Crypto Enforcement Actions

Cornerstone Research released a report titled “SEC Cryptocurrency Enforcement: 2021 Update” last week. The report analyzes SEC enforcement activity from July 2013 to December 2021, the company detailed, elaborating:

Since the first action in July 2013, the SEC has initiated a total of 97 actions in execution as of December 31, 2021.

According to the report, 58 enforcement actions were cryptocurrency-related disputes and 39 were administrative proceedings. In addition, about half of the 58 lawsuits took place in New York State. As of January 3, 31 disputes had been resolved.

In addition, the securities watchdog also filed 10 overdue filing orders, 20 stop trading orders and a number of follow-up subpoenas and administrative proceedings.

The report also details: “As of the end of 2021, the SEC had imposed approximately $2.35 billion in total monetary sanctions against participants in the digital asset market.”

New SEC Chairman Gary Gensler was sworn in on April 17, 2021. The report notes:

Under the new administration, SEC enforcement activity continued to focus on cryptocurrency-related actions.

Gensler has made cryptocurrency one of the SEC’s top priorities. Last week, he pointed out that crypto trading platforms need to be regulated to ensure investor protection. In December last year, the chairman added a crypto advisor to his executive staff.

The North American Securities Administrators Association (NASAA) and state regulators said earlier this month that “investments related to cryptocurrencies and digital assets are our biggest threat to investors…by far.”

What do you think of the number of crypto enforcement actions taken by the SEC? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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