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 Gensler revealed that the SEC took 780 enforcement actions, including 500 standalone cases, and distributed $930 million to harmed investors.
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<div class="cointelegraph">
 The United States Securities and Exchange Commission (SEC) chief Gary Gensler’s speech before the 2023 Securities Enforcement Forum shed light on the regulatory body’s <a rel="noopener noreferrer nofollow" title="enforcement" href="https://thebittimes.com/tag/enforcement.html">enforcement</a> <a rel="noopener noreferrer nofollow" title="actions" href="https://thebittimes.com/tag/actions.html">actions</a> that led to $5 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in judgments and orders. However, Gensler’s dig at the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market became a talking point for the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> community on social media, where Gensler noted, “Don’t get me started on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>. I won’t even name all the individuals we’ve charged in this highly noncompliant field.”
 While talking about the economic perspective of the SEC’s <a rel="noopener noreferrer nofollow" title="enforcement" href="https://thebittimes.com/tag/enforcement.html">enforcement</a> <a rel="noopener noreferrer nofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a>, Gensler noted that the agency filed more than 780 <a rel="noopener noreferrer nofollow" title="enforcement" href="https://thebittimes.com/tag/enforcement.html">enforcement</a> <a rel="noopener noreferrer nofollow" title="actions" href="https://thebittimes.com/tag/actions.html">actions</a> in 2023, including more than 500 standalone cases. The <a rel="noopener noreferrer nofollow" title="enforcement" href="https://thebittimes.com/tag/enforcement.html">enforcement</a> <a rel="noopener noreferrer nofollow" title="actions" href="https://thebittimes.com/tag/actions.html">actions</a> led to judgments and orders totaling $5 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>, out of which $930 million were distributed to harmed investors.
 Gensler added that the SEC had filed lawsuits against 40 firms for violations of various rules and regulations since December 2021, leading to more than $1.5 billion in penalties. Gensler revealed that the SEC settled recordkeeping-related charges with 23 firms in the last fiscal year alone.
 In his speech, the SEC chief reiterated his earlier stance on crypto, claiming that most of the crypto market falls under the securities bracket and, thus, must be governed under the same law. In his explanation of the broad definition of security, Gensler explained the concept of an “investment contract” and why a major chunk of the cryptocurrency market resembles it. According to Gensler, most cryptocurrency assets will pass the investment contract test, making them governed by securities regulations.
 Related: Ripple lawyer calls SEC’s latest filing “hypocritical pivot”
 Gensler went on to draw comparisons between the current crypto ecosystem and the financial landscape of the 1920s when securities laws were not in place. Gensler said that the crypto ecosystem is suffering from the same situation as the financial landscape before clear regulations came into place, leading to several scams, frauds and bankruptcies. He argued these issues necessitate stricter regulations.
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 “Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”
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 The SEC chief’s criticism of the crypto market is not new, and he has reiterated a similar stance for several years now. However, the crypto community, including some of the key businesses operating in the U.S. along with Congress members, have called upon Gensler to offer more clarity on crypto regulations.
 Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gary-gensler-teases-details-of-sec-s-5-billion-take-from-enforcement-actions-shades-crypto-tbt67904.html">https://thebittimes.com/gary-gensler-teases-details-of-sec-s-5-billion-take-from-enforcement-actions-shades-crypto-tbt67904.html</a>

Gary Gensler teases details of SEC's $5 billion take from enforcement actions, shades crypto

TheBitTimes

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