Cornerstone Research on the 19thPublished reportAccording to the US Securities and Exchange Commission (SEC), it has imposed a total surcharge of approximately $ 2.35 billion for violations in the digital asset market since 2013.
The report, entitled “SEC Cryptocurrency Enforcement: 2021 Update,” states that the SEC implemented a total of 97 crackdowns between 2013 and 21.
Of the 97 cases, 58 cases developed into proceedings, and 39 cases were subject to administrative proceedings. Of the $ 2.35 billion, $ 1.71 billion was due to proceedings and $ 640 million was due to administrative proceedings.
The majority of the surcharges were “corporate defendants,” accounting for $ 1.86 billion of the $ 2.35 billion. Meanwhile, the amount charged to an individual defendant was $ 490 million.
The SEC first applied the surcharge to cryptocurrency operators in July 2013, but crackdowns in the crypto space were sluggish until 2017, the report said. The number of crackdowns in 2013-17 was only six.
In contrast, in 2009, 20 of the 97 cases were implemented, of which 14 were tried in federal courts in the United States and 6 were administrative procedures. Of the 20 cases, 70% were related to the Initial Coin Offering (ICO). The report further states:
“Of the 20 executions carried out in 2021, 65% were accused of fraud, 80% were accused of issuing securities by unregistered companies, and 55% were accused of both.”
Simona Mora, the author of the report, said in a statement that the SEC’s recent crackdown on the cryptocurrency industry may have been related to the appointment of Chairman Gary Gensler in April 2009. ing. He pointed out that there was a “significant increase” in the number of executions from the end of May to mid-September of the same year.
“The SEC has made its first raid on cryptocurrency lending platforms, unregistered digital asset exchanges and decentralized finance (DeFi) lenders, and is second only to telegrams in ICO-related crackdowns. We have imposed a scale surcharge. “
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