SEC Enforcement Remains Focused on Crypto — Chair Gensler Says He"s "Impressed" With Enforcement Results
The U.S. Securities and Exchange Commission (SEC) says its Enforcement Division “remains focused on the rapidly evolving crypto asset securities space.” The securities regulator filed 760 enforcement actions in total this fiscal year. SEC Chairman Gary Gensler commented: “I continue to be impressed with our Division of Enforcement.” SEC Focused on Enforcement
The U.S. Securities and Exchange Commission (SEC) announced its enforcement results for the fiscal year 2022 on Tuesday.
During that time, the SEC “filed 760 enforcement actions and recovered a record $6.4 billion in penalties and disgorgement on behalf of the investing public,” the regulator explained. The total number of enforcement actions represents a 9% increase over the prior year.
SEC Chairman Gary Gensler opined: I continue to be impressed with our Division of Enforcement … Enforcement results change from year to year. What stays the same is the staff’s commitment to follow the facts wherever they lead.
The SEC noted that regarding the crypto industry, it announced in May the addition of 20 positions to the renamed Crypto Assets and Cyber Unit (previously called the Cyber Unit), nearly doubling that unit’s staffing. The agency emphasized: Enforcement remains focused on the rapidly evolving crypto asset securities space.
Staff across the SEC’s Division of Enforcement also continued to investigate potential crypto-related misconduct, leading to several significant enforcement actions, the regulator described. They included charges against Blockfi Lending LLC, charges against 11 individuals for their alleged roles in crypto Ponzi scheme Forsage, and “insider trading charges” against former Coinbase product manager Ishan Wahi and his associates.
Gensler has often been criticized for his enforcement-centric approach to regulating the crypto industry. Following the collapse of crypto exchange FTX, a growing number of lawmakers have called on the SEC to tighten crypto oversight. The SEC chief said the crypto field is “significantly non-compliant.”
Congressman Brad Sherman (D-CA) has urged the SEC to take decisive action to regulate the industry. The White House, Treasury Secretary Janet Yellen, Federal Reserve Vice Chair Lael Brainard, and several U.S. senators have all called for proper crypto oversight. Senator Elizabeth Warren (D-MA) stressed that crypto needs “more aggressive enforcement,” noting that she will keep pushing the SEC to enforce the law. Tags in this story Crypto, Crypto regulation, Enforcement, enforcement approach, enforcement report, Gary Gensler, gary gensler enforcement, SEC, sec crypto enforcement, sec crypto regulation, sec division of enforcement, SEC enforcement actions
What do you think about the SEC’s enforcement-centric approach to regulation? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Lawmaker Urges SEC to "Take Decisive Action" to Regulate Crypto Industry — Plans to Examine Options for Federal Legislation REGULATION | 18 hours ago Yellen Says FTX Collapse Shows Weaknesses of Entire Crypto Sector — Fed"s Brainard Pushes for Strong Regulation REGULATION | 24 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTerra’s $2.8B Defense System — Luna Foundation Guard Audit Says Group Spent More Than 80,000 Bitcoin Defending UST Peg Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike