The latest news reveals that US Security and Exchange Commission (SEC) has taken ownership of 97 enforcement actions of cryptocurrencies. The report by Cornerstone Research highlights that 58 enforcement actions that the SEC own are related to cryptocurrency litigation. Also, in addition to that, 39 were related to administrative procedures. The report further reveals that around half of the 58 enforcement actions are in New York, US.
Through the report, the audience got to know SEC has been involved in buying enforcement action of crypto since July 2013. Along with these 97 enforcement actions, 20 trading suspensions and 10 delinquent filling orders were owned were by the securities’ watchdog. There are certain follow-on proceedings of administration that are brought by the SEC. The focus on cryptocurrency became the top priority for Security and Exchange Commission.
Gary Gensler on making cryptocurrency top priority
Gary Gensler is the new chairman of SEC who came into power on 17 April 2021, made cryptocurrency a top priority. As per his recent interaction, Gary made it clear that for the protection of its investors SEC has to consider cryptocurrency. To help the SEC team with crypto-related functioning, they hired a crypto advisor in their executive staff. The recent news tells that state regulators and NASAA consider the top threat for investors is investments. Especially the investments related to cryptocurrency and other digital currencies are a threat. There is an imposition of heavy monetary penalties by the SEC against cryptocurrency market participants worth around 2.35 million dollars.