The SEC achieved a record-breaking $8.2 billion in enforcement recoveries in 2024, largely driven by the $4.5 billion Terraform Labs settlement over a major cryptocurrency fraud.
Despite pursuing 583 cases—a 26% drop from 2023—the agency secured $6.1 billion in disgorgement and $2.1 billion in penalties. Notable cases included actions against fraudulent crypto platforms HyperFund and NovaTech Ltd., which raised over $2.2 billion collectively.
In 2024, the SEC imposed over $600 million in civil penalties on approximately 70 firms for record-keeping violations related to off-channel communications.
A key case involved Morgan Stanley, which paid $249 million to settle charges of improperly disclosing confidential information about large stock sales, highlighting the SEC’s focus on enforcing compliance standards.
Crypto-related enforcement cases dropped to 11, but fines surged by over 3,000% compared to 2023, reflecting a focus on high-profile cases under outgoing SEC Chair Gary Gensler.
Gensler emphasized investor protection, particularly in the volatile crypto sector, during his tenure. However, with Donald Trump’s re-election and Gensler’s departure in January 2025, the industry anticipates a shift in regulatory pressures.
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