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SEC Takes Record Breaking Action Against Crypto in 2023!
Under the leadership of Gary Gensler, the SEC launched 46 enforcement actions against the crypto industry last year.
Danielle du Toit
January 25, 2024
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Here's what we've got for you today:
SEC Enforcement Under Gary Gensler More than Doubled in 2023
Rising BTC Miner Reserves Signal Potential Market Recovery
SEC Escalates Battle Against Ripple with Disclosure Motion
Solana NFT Weekly Sales Hit $62M, Surpassing Bitcoin Network
In 2023, the SEC initiated a record 46 enforcement actions against the cryptocurrency sector, and imposed more than $280 million in penalties.
In 2023, the SEC hugely increased its scrutiny of the cryptocurrency industry, launching 46 enforcement actions, the highest since 2013 and over double the number from 2021.
Under Chair Gary Gensler's leadership, the SEC's crypto enforcement efforts escalated, with a 50% increase in 2022 and an additional 53% increase in 2023.
Critics have described Gensler's aggressive regulatory stance as "regulation by enforcement".
A potential Bitcoin recovery could be in the works, as increased miner reserves suggest confidence in the cryptocurrency's future price trajectory.
Bitcoin miners traditionally accumulate BTC during price dips for future gains and sell when expecting high returns, which has historically influenced market trends.
Recently, miner reserves increased by 6,562 BTC, adding around $264 million worth of Bitcoin to the ecosystem.
The total miner reserves now stand at around 1.834 million BTC, hinting at a potentially bullish phase for Bitcoin.
The SEC has submitted a legal request demanding Ripple to hand over additional financial records and contracts related to XRP sales.
The SEC responded to Ripple's challenge to its motion, insisting on Ripple providing 2022 and 2023 audited financial statements and contracts for XRP sales to non-employees after the lawsuit was filed.
The SEC argues that Ripple's current financial condition and sales practices are important for identifying possible regulatory violations and determining appropriate actions.
Ripple has firmly opposed the SEC's demands, calling them irrelevant and belated, stating that the SEC had more than enough time to gather this information during the discovery phase of the case.
Data from Cryptoslam indicates that the blockchain's trading volume surpassed $62 million between Jan. 18 to Jan. 25.
The NFT sales volume on Solana experienced a 17% increase to outperform Bitcoin's $53 million volume.
However, it is important to note that about $3.4 million of the weekly trading volume on the blockchain was wash volume.
Despite a slow beginning in January, NFT sales on Solana evidently picked up pace, with Froganas, CryptoUndeads, Claynosaurz, Sujiko Warriors, and Tensorians emerging as leading collections.
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