The U.S. Securities and Exchange Commission (SEC) has raised $8.2 billion in funding under the leadership of Gary Gensler in 2024.
The massive $8.2 billion received by the regulator, including $6.1 billion in undue interest and pre-judgment interest and $2.1 billion in civil penalties, is the highest amount in SEC history.
Despite a 26 percent year-on-year decline in enforcement actions, this year’s total “funds” includes more than 56 percent of the charges stemming from Terraform Labs and Do Kwon ‘s $4.47 billion verdict in June of this year as part of a fraud settlement.
“The Division of Enforcement is a tenacious policeman who follows the facts and the law wherever they lead to hold criminals accountable,” – SEC Chairman Gary Gensler said in a recent statement . “As this year’s results show, the Division helps promote the integrity of our capital markets to benefit both investors and issuers.”
SEC Chairman Gary Gensler to step down in January
The news of the SEC’s annual report comes as the Gensler-led agency anticipates big changes in the coming New Year, as President-elect Donald Trump plans to restructure several federal agencies.
Just a week ago, Gensler announced his resignation ahead of Trump’s inauguration in January. “The Securities and Exchange Commission is an extraordinary agency,” Gensler wrote in a farewell press release. “It has been a lifetime honor to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Shortly after Gensler’s announcement, SEC Commissioner Jaime Lizárraga announced his departure from the agency to the Trump administration.
“As we considered the challenges ahead, we decided that it was in the best interest of our family to close this chapter in my 34-year journey in public service,” – Lizárraga told Bloomberg on November 22. “Until my departure in January, I will remain fully engaged in the ongoing work and activities of the Commission.”
Trump, who previously promised to fire Gensler upon his return to the Oval Office, has openly criticized the SEC for its regulation-by-enforcement approach to digital assets. Trump has long vowed to introduce a cryptocurrency-friendly regulatory framework, most recently launching family-owned cryptocurrency platform World Liberty Financial.
