Krutika Adani
Rising from just $150.3 million in 2023, the SEC collected penalties worth $5.08 billion in 2024. A rise of 3018% since last year.
The major chunk of these collections originated from Terraform Labs, which alone paid $4.68 billion in fines.
Two high-profile cases, the Telegram, and the Terra Labs case, drove the average fine up by 2000%.
Compared to 2023, when the SEC brought 30 cases against different parties, this year's total number was 11 until the end of August.
The high range of fines for Web3 corporates has driven the markets into corrections and is expected to impact voting patterns in the upcoming US elections.