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CFTC’s Record-Breaking $17B in 2024 Fueled by Crypto Enforcement

Published
Eddie Mitchell
Published
By Eddie Mitchell
Edited by Insha Zia
Key Takeaways
  • Sam-Bankman Fried, FTX, and Binance account for over 90% of the CFTC’s 2024 monetary recoveries and fines.
  • The SEC imposed a total of $4.6 billion in fines against crypto firms in 2024.
  • Pro-crypto politicians are expected to take Chairman positions in both the CFTC and SEC under Donald Trump.

The U.S. Commodity Futures Trading Commission (CFTC) has set a record-breaking $17.1 billion in monetary relief, a vast majority of which was pulled from enforcement actions against cryptocurrency firms.

CFTC, Big Gains

As per the Dec. 4 release  from the CFTC, the regulator has secured historical “monetary sanctions and relief,” largely driven by the FTX and Binance cases, which pulled billions in fines and civil penalties.

Fines garnered from the FTX case—the largest the CFTC has ever recovered—accounted for a majority of the $17.1 billion, as founder Sam Bankman-Fried (SBF) was ordered to pay a total of $12.7 billion in restitutions and disgorgements.

Binance’s disgorgement settlement totaled $2.7 billion, with an additional $150 million in civil penalties for its founder and former CEO, Changpeng “CZ” Zhao.

SEC Fines Crypto

Throughout 2024, another U.S. regulator agency, the Securities and Exchange Commission (SEC), has pulled $8.2 billion in fines, with over half, $4.6 billion, coming from crypto companies across 11 enforcement actions.

Of that figure, a $4.5 billion chunk is attributed to its enforcement action against Do Kwon’s Terraform Labs. Despite its unsuccessful litigations against Coinbase and Ripple (XRP), the SEC has under a dozen courtroom victories against crypto firms.

Now with a changing of the guard at the SEC, CFTC, and White House, all set to take place over the coming months with incoming U.S. President Donald Trump, aggressive enforcement actions against crypto may soon wind down.

However, that is as long as regulators and lawmakers don’t see more historical fraud and criminality in the space as it did with SBF, Do Kwon, and others.

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Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.
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