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SEC Claims to Have Imposed Nearly $5 Billion in Fines on Crypto Industry in Fiscal Year 2023

Katie Lin

Summary: The U.S. Securities and Exchange Commission (SEC) said on Tuesday that it has imposed nearly $5 billion worth of fines against the cryptocurrency industry during fiscal year 2023. These penalties pertain to digital assets, cybersecurity and Wall Street brokerage employees' use of unapproved communications platforms to conduct business, the SEC said in the statement.  According to ...

The U.S. Securities and Exchange Commission (SEC) said on Tuesday that it has imposed nearly $5 billion worth of fines against the cryptocurrency industry during fiscal year 2023. These penalties pertain to digital assets, cybersecurity and Wall Street brokerage employees' use of unapproved communications platforms to conduct business, the SEC said in the statement. 

According to the agency, 784 enforcement actions were filed in fiscal year 2023, marking a 3% increase from 2022. Its enforcement actions generated a record $6.4 billion in fiscal 2022 and $3.9 billion in 2021.

Author: Katie Lin

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