In 2024, the Securities and Exchange Commission (SEC) initiated 33 cryptocurrency-related enforcement actions, according to a Cornerstone Research report, a 30 percent decline from 2023 and the first year-over-year decline since 2021.
The 33 enforcement actions include eight administrative proceedings and 25 litigations in U.S. district courts with monetary penalties totaling 4.98 billion. The SEC charged 90 defendants, 33 firms and 57 individuals.
“Despite the drop in number of enforcement actions in 2024, cryptocurrency remained a top priority during Chair (Gary) Gensler’s final year,” Simona Mola, Cornerstone Research principal and the report’s author, said. “Since 2018, cryptocurrency has represented, on average, approximately 6 percent of the SEC’s overall enforcement efforts in terms of actions initiated.”
Gensler served between April 17, 2021, and Dec. 31, 2024. Under his term, the SEC initiated 125 cryptocurrency-related enforcement actions and imposed $6.05 billion in penalties. Of the actions, 66 percent involved allegations of fraud.
In 2024, 73 percent of actions involved alleged fraud, 58 percent involved an alleged unregistered securities offering violation, and 39 percent alleged both. Eight enforcement actions involved initial coin offerings, one involved nonfungible tokens, and 14 alleged market manipulation or failure to register as a broker-dealer. Approximately 21 percent of actions were against individuals.