• More than $3.3 billion in penalties have been imposed in US crypto enforcement proceedings

  • According to official data, US regulators have collected $3.3 billion in monetary penalties from crypto-related enterprises since 2009, and have collected $179.7 million so far in 2022.

    According to a new research from Elliptic, a blockchain analytics startup, the findings show a breakdown of more than 130 crypto enforcement cases launched by government authorities since 2009.

    According to the report, the largest single action taken in 2022 was against lending platform BlockFi, which agreed to pay $100 million in April for failing to register its lending enterprise. The greatest overall action was a $1.2 billion settlement against Telegram Group Inc. in 2020 for marketing to sell unregistered digital “Gram” tokens.

    The statistics also revealed that the Securities and Exchange Commission, which recently said that cryptoassets and emerging technologies will be two of its main goals for 2022, is responsible for more than 70% of all monetary penalties levied to far. The SEC said in May that it will nearly double the size of its Cryptoassets and Cyber Unit.

    Although the United States remains by far the largest initiator of crypto-related enforcement actions to date, collecting over 98 percent of all crypto-related monetary penalties globally, the report shows that other jurisdictions, including Nigeria, Turkey, India, and Ontario, Canada, are beginning to ramp up their enforcement efforts.

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