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HomeLaw & PoliticsPenalties worth this much has been issued by SEC since 2013

Penalties worth this much has been issued by SEC since 2013

According to a Jan 19 analysis by Cornerstone Research, the Securities and Exchange Commission (SEC) has levied a total of roughly USD 2.35 billion in penalties against players in the digital asset sector since 2013.

Between 2013 and the end of 2021, the SEC brought 97 enforcement actions totaling USD 2.35 billion, according to the report, SEC Cryptocurrency Enforcement, 2021 Update.

Action litigation accounted for 58 of the total 97 cases, while administrative processes accounted for 39. The litigation raised a total of USD 2.35 billion, with USD 1.71 billion fined in litigation and USD 640 million in administrative proceedings.

Allegations by SEC between 2013-2021, Source: Cornerstone Research.

The vast majority of those charged were “business responders exclusively,” accounting for USD 1.86 billion of the USD 2.35 billion total. Meanwhile, the remaining USD 490 million was charged to individual respondents.

Despite the fact that the SEC issued its first monetary penalty against a crypto participant in July 2013, the research notes that SEC-initiated litigation in the crypto area did not take up until 2017. There were only six SEC-initiated crypto cases between 2013 and 2017.

In 2021, the agency will begin 20 of the total 97 activities, including 14 litigation cases in federal courts in the United States and six administrative proceedings. Seventy percent of the 20 total enforcement actions were related to Initial Coin Offerings (ICOs)

That’s all from this story. Wrap!

 

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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