In fiscal year 2024, the Securities and Exchange Commission under Chair Gary Gensler saw a historic high of $8.2 billion in collected monetary penalties, surpassing the previous record of $4.9 billion in fiscal year 2023.
Gensler, who plans to resign in January following President-elect Donald Trump’s inauguration, oversaw the agency’s strong enforcement approach, particularly in the cryptocurrency sector.
One notable case that contributed to the record amount of penalties was the SEC’s successful trial against Terraform Labs and its former CEO Do Kwon, who were charged with one of the largest securities frauds in US history.
The cryptocurrency industry has largely welcomed Gensler’s upcoming departure from the agency, as he has taken a tough stance on regulating crypto companies.
