According to the latest report from Cornerstone Research, so far, the US Securities and Exchange Commission (SEC) has initiated 75 enforcement actions against companies and individuals in the crypto industry. The agency also filed 19 trading suspension orders against digital asset market participants, 43 of which were filed in U.S. District Courts.

75 encryption enforcement actions of the US Securities and Exchange Commission (SEC)

Cornerstone Research released a report titled “SEC Cryptocurrency Enforcement” on Tuesday. The report analyzed 75 encryption-related enforcement actions proposed by the SEC, from the first action in July 2013 to December 31, 2020. Find:

During this period, the SEC proposed a total of 75 enforcement actions and 19 trading suspension orders against participants in the digital asset market.

In addition to 75 enforcement actions, the SEC also filed numerous subpoenas and follow-up administrative procedures against crypto companies and individuals. The first enforcement action was taken against Trendon T. Shavers and his company in July 2013.

The report said: “Of the 75 law enforcement actions, 43 were filed in U.S. District Courts, and 32 were resolved as administrative procedures within the SEC.” “Among all law enforcement actions, there were 21 administrative lawsuits and 31 lawsuits. There is an illegal act of issuing unregistered securities.”

The SEC takes 75 enforcement actions against the crypto industry

As for the initial coin offering (ICO), the report states: “Of the suspected violations in Sections 5(a) and 5(c) of the Securities Act, 39 are related to ICOs, accounting for 52% of all enforcement actions “

The report details that of the 75 enforcement actions related to encryption, “the most frequent allegations of fraud and unregistered securities issuance.” 39 enforcement actions (52%) contained allegations of fraud.

See also  China arrested 1,100 people suspected of using cryptocurrency to launder money – News Bitcoin News

The report stated: “Of the 75 enforcement actions, 52 (69%) allegedly violated Articles 5(a) and 5(c) of the Securities Act as illegal acts of issuing unregistered securities,” the report added Said, “In 28 actions (37%), alleged fraudulent activities were accompanied by violations of unregistered securities issuance.” The entire report can be found here.

What do you think of all these enforcement actions taken by the US Securities and Exchange Commission (SEC) against crypto companies? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear any direct or indirect responsibility for any damage or loss caused or allegedly caused by using or relying on any content, goods or services mentioned in this article or related thereto.