Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
SEC reports record $8.2B in fines for 2024

SEC reports record $8.2B in fines for 2024

GrafaGrafa2024/11/26 03:10
By:Liezl Gambe

The United States Securities and Exchange Commission (SEC) announced a record-breaking $8.2 billion in fines and penalties for the 2024 fiscal year.  

This achievement, detailed in the agency’s November 22 annual report, marks the highest amount ever collected by the SEC. 

A substantial portion of this total stems from a $4.47 billion settlement with Terraform Labs and its CEO, Do Kwon.  

Without this settlement, the SEC’s collections would have totaled $3.72 billion, the lowest since 2013.  

Australia is also taking steps to regulate cryptocurrency activity.  

On November 21, the Australian Treasury Department released a consultation paper discussing the implementation of the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF).  

The framework aims to standardise the collection and sharing of tax data related to crypto transactions.  

Two approaches are under consideration: a tailored framework specific to the Australian Taxation Office or full integration of CARF into Australian tax law.  

In China, the Songjiang District People’s Court in Shanghai ruled that cryptocurrency should be classified as a virtual commodity with “property attributes.”  

According to a judge’s statement, individuals may legally hold cryptocurrency, but commercial entities are prohibited from engaging in virtual currency investment or issuing tokens independently.  

Meanwhile, Tornado Cash (CRYPTO:TORN) developer Alexey Pertsev remains in pre-trial detention following a court decision to extend his custody.  

Pertsev expressed frustration, stating that the ruling significantly hinders his ability to prepare an appeal.  

U.S. lawmakers have also raised concerns, questioning the Treasury about the continued operation of Tornado Cash despite sanctions imposed in 2022.  

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Announcement of Bitget spot bot on adding 2 new trading pairs

We are pleased to announce that Bitget spot bot has now added: KOMA/USDT, AIXBT/USDT. Reference 1. Spot grid 2. Crash course on Spot Grid Disclaimer Despite high growth potential, cryptocurrencies still face high risks and volatility. You are strongly advised to do your own research as you invest a

Bitget Announcement2024/12/23 08:19