U.S. regulators have hit crypto firms with at least $198 million in financial penalties to date

Regulation • November 14, 2020, 11:05AM EST
Yuri Gripas/Bloomberg via Getty Images

The top two U.S. market regulators — the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) — have hit crypto firms and founders with at least $198 million in penalties to date, according to The Block Research.

Specifically, the SEC has charged around $175 million in total to date, while the CFTC has levied about $23 million in fines and other charges. The numbers may not be exhaustive as they are based on press releases from the two agencies. There may be more enforcement action-related material that is not included in our research for this piece.

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A majority of the SEC's crypto enforcement efforts have been related to initial coin offerings or ICOs, and tokens that were deemed securities. This year, the SEC's actions have slowed, while the CFTC's have gone up.

Some of the CFTC's biggest enforcement actions this year include charges against crypto exchange BitMEX and crypto investment app provider Abra. Cryptocurrencies that are not securities fall under the purview of the CFTC.

To read the full report and more such data-driven stories, subscribe to The Block Research.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.