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.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
