In a decisive move, the U.S. Securities and Exchange Commission (SEC) has escalated its efforts in regulating the crypto space, revealing an unprecedented surge in enforcement actions. Since its initial move in July 2013, the SEC has undertaken a total of 173 cryptocurrency-related enforcement actions, marking a significant step in the evolving landscape of digital assets.
Breaking down the numbers, the SEC engaged in 108 litigations and 65 administrative proceedings, enforcing a stringent stance on regulatory cooperation. Notably, the regulatory body issued 20 trading suspension orders under Section 12(k) of the Exchange Act and 13 delinquent filing orders pursuant to Section 12(j) of the Exchange Act.
No. of SEC #cryptocurrency enforcement actions 2013-23 – #regulation #cryptos #future @technicitymag @gvalan @DrFerdowsi @junjudapi @enricomolinari @avrohomg @kuriharan @fogle_shane @JolaBurnett @techpearce2 @drhiot @JohnMaynardCPA @mary_gambara @stanleychen0402 @pdpsingha pic.twitter.com/Cta0SB4hQm
— Faisal Khan (@fklivestolearn) January 26, 2024
Empowered by enhanced resources within the Division of Enforcement’s Crypto Assets and Cyber Unit, the SEC escalated its efforts in 2023, witnessing a remarkable 53% increase with a total of 46 enforcement actions. The first quarter of 2023 alone witnessed 20 cryptocurrency-related enforcement actions, the highest in any single quarter.
Among the 46 actions in 2023, 26 were litigations, and 20 were administrative proceedings, demonstrating the SEC’s strategy of their enforcement approach. This surge represents the highest number of cryptocurrency-related enforcement actions brought by the SEC in a single year, underlining the growing importance of regulatory oversight in the rapidly evolving crypto market.
