The Bounty Hunter SEC’s FY 2023 Enforcement Actions Puts Wall Street and Crypto Giants on a $5 Billion Diet Plan

SEC's Enforcement Actions in FY 2023 Result in $5 Billion in Fines from Wall Street and Crypto Companies

Source: Adobe/Kristina Blokhin

Ah, the Securities and Exchange Commission (SEC) in the US, they’ve been quite busy lately. In fiscal year 2023, they managed to rake in a whopping $5 billion in fines and reimbursements for investors. That’s a staggering amount of dough. It’s like they hit the jackpot at the Wall Street casino!

Now, let’s talk numbers. The SEC filed a total of 784 enforcement actions during the year. That’s more actions than a superhero movie! They’ve been targeting not only the big players on Wall Street but also those crypto titans. They’ve got their eyes on everyone.

But wait, there’s more! The total penalties obtained between October 2022 and September 2023 were the second-highest ever recorded. It’s like they’re making it rain with fines and reimbursements!

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SEC Chair Gary Gensler, always a man with a way with words, said, “The investing public benefits from the Division of Enforcement’s work as a cop on the beat.” I can already picture Gensler strutting down Wall Street, shades on, collar up, like a cool cop in an ’80s action movie.

In fiscal year 2023, the SEC went after the biggest players in the crypto industry. They launched multiple enforcement actions against these movers and shakers. It’s like a game of crypto whack-a-mole. One minute they’re going after Sam Bankman-Fried, the co-founder of FTX, and the next minute, the Department of Justice steps in with criminal charges. Talk about double trouble!

But wait, there’s more! The SEC also filed lawsuits against other big crypto players like Binance, Coinbase, and their CEOs. These guys are fighting back, denying any wrongdoing and requesting the regulator’s cases be dismissed. It’s like a high-stakes poker game, with crypto chips flying left and right.

Now, don’t be fooled. Crypto may have stolen the spotlight, but the SEC had a lot on their plate. They settled with leading Wall Street brokerages for their unmonitored communication channels. It’s like they caught them passing notes in class! And they didn’t forget about auditors either. Oh no, they took action against auditors for alleged breaches of audit standards. It’s like they’re the auditors of auditors, the gatekeepers of the gatekeepers!

But let’s not forget the man himself, Gary Gensler. He’s been quite the critic of crypto lately. He warned about the industry’s noncompliance, saying that much of it falls under securities laws but remains non-compliant. It’s like having a wild party and forgetting to invite the police. And Gensler won’t let it slide.

He believes crypto has wreaked havoc on investors, causing them losses. He’s even worried that these problems could spill over and affect the entire financial system. It’s like crypto is the party animal that crashed the global economy.

And just when you think he’s done, Gensler issues another warning, this time about the prevalence of fraud in crypto. He’s not just talking about one shady character; he’s talking about multiple “notorious fraudsters” operating in the space. It’s like a crypto circus, with fraudsters juggling scams left and right!

So there you have it, folks. The SEC’s been busy, kicking butt and taking names. They’re like the superheroes of the financial world, making sure everyone plays by the rules. Let’s see what they’ll do next. Stay tuned!

Readers, have you experienced any wild adventures in the crypto world? Share your stories in the comments below!

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