The US Securities and Exchange Commission has filed 75 enforcement actions and 19 trade suspension orders against cryptocurrency participants between its first in July 2013 and the end of 2020, says a report issued on Tuesday.
"For the past seven years or so, the SEC has established itself as one of the most important regulators in policing the cryptocurrency space," and has decided more than 70% of its enforcement actions for more than $ 1.77 billion in penalties, says Simona Mola , author of the report issued by San Francisco-based Cornerstone Research Inc. and a senior executive at Cornerstone, in a statement.
Some observers believe that the anonymity of cryptocurrency has contributed to increasing ransomware. 32 were resolved as administrative procedures within the SEC, according to the report. Eighty percent of the disputed cases were about an alleged fraudulent system, the report says.
Abe Chernin, vice president of Cornerstone Research and head of corporate finance practice, said in a statement, "While the SEC will continue to focus on fraud, there is a growing expectation that the new administration will develop a clearer legislative strategy and strive following greater coordination between authorities to promote innovation in cryptocurrency markets.