The Securities and Exchange Commission's enforcement actions in fiscal year 2024 resulted in an all-time record of $8.2 billion in penalties and investor relief1. This staggering figure represents a 67% increase from the previous year's $4.9 billion2. Despite a 26% decline in the total number of enforcement actions, with 583 cases filed compared to the previous year, the average fine saw a significant surge, rising from $3.39 million in 2018 to $426 million in 20242. The record-breaking penalties underscore the SEC's intensified focus on high-impact enforcement actions, particularly targeting sectors like cryptocurrency.

The SEC's crackdown on the crypto sector in 2024 resulted in a staggering $4.68 billion in fines, marking a significant intensification of regulatory scrutiny1. This figure represents a substantial portion of the SEC's record-breaking $8.2 billion total penalties for the fiscal year2. The enforcement actions against crypto entities were characterized by both increased frequency and severity, with the number of cases rising by 53% compared to 20223.

• 46 enforcement actions brought against crypto entities in 20243

• $4.68 billion in fines from the crypto sector, a 3,018% increase from 20233

• Terraform Labs settlement of $4.47 billion was the largest contributor to crypto-related penalties3

• Focus on issues such as misleading investors and offering unregistered securities3

The SEC's record-breaking penalties in 2024 represent a significant escalation in enforcement actions compared to previous years. While the total number of cases decreased by 26%, the financial impact grew substantially, with the average fine skyrocketing from $3.39 million in 2018 to $426 million in 202412. This shift in strategy demonstrates the SEC's focus on high-impact cases, particularly in emerging sectors like cryptocurrency. The $8.2 billion total for fiscal year 2024 not only surpassed the previous year's $4.9 billion by 67% but also set a new benchmark for the agency's enforcement efforts1.

In addition to the record-breaking penalties, the SEC achieved several other notable milestones in fiscal year 2024. The agency brought recordkeeping cases resulting in more than $600 million in civil penalties against over 70 entities1. This focus on proper recordkeeping underscores the SEC's commitment to maintaining transparency and accountability in financial markets.

The SEC's enforcement actions in 2024 were not limited to monetary penalties. The agency also pursued cases involving:

• Off-channel communications violations

• Cybersecurity disclosures

• Environmental, Social, and Governance (ESG) related matters

• Insider trading

• Market manipulation

These diverse enforcement areas demonstrate the SEC's comprehensive approach to protecting investors and maintaining fair, orderly, and efficient markets23.