As crypto regulation intensifies, the SEC already made $1.77 billion.
The US financial watchdog stated that they have collected $1.7 billion in crypto-related penalties starting from 2013. It happened as crypto regulation intensifies.
This amount has been collected from 75 enforcement actions, and 70% of them have already been settled. Placidly, a remarkable number of the enforcement actions have taken place in 2017, amidst the ICO boom.
Claiming the Main Regulator Status
The report’s publisher states that the SEC’s actions placed the organization in the lead when referring to crypto regulation.
“In the last seven years or so, the SEC has established itself as one of the main regulators policing the cryptocurrency space.”
Some of these actions have resulted in a win for the SEC. Other cases are not as smooth going as it seems. The most notable among them is the ongoing Ripple court battle, and Ripple seems to be getting the upper hand.
The offenses that mostly got the attention of the SEC were unregistered securities offerings and fraud.
The unregistered securities were 69% of allegations that the SEC made. Fraud accusations were present in 52% of the cases. 37% of the cases laid out by the SEC are accusing the recipient of both charges.
But the crypto space has traveled a long way since the era of “unfortunate hacks” on crypto exchanges and high-profile rugpulls.
As the crypto-related startups find new ways to finance themselves not only from IPOs, the regulatory authorities will still look for ways to allow the new companies to find their foundation to promote innovation.
“While the SEC will continue to focus on fraud, there is an increasing expectation that the new administration develops a clearer regulatory approach and pursue greater interagency coordination to foster innovation in cryptocurrency markets.”
A specific amount of regulation is essential to keep enthusiastic investors safe from suspicious blockchain projects. It is important that fraud allegations be investigated on a case-by-case basis. A little communication often clears things around.
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