Since the beginning of the year, the SEC has filed 784 lawsuits

US Securities and Exchange Commission (SEC) spent “another very productive and impactful year” for enforcement activities related to crypto-asset securities.

In fiscal year 2023, the agency recommended action against billions of dollars of cryptocurrency scams, unregistered crypto asset offerings, platforms and intermediaries, and illicit marketing.

The SEC report said that during the year, charges were filed in large crypto frauds, in particular against the company Terraform Labs and its founder Do Kwon; Richard Hurt and three companies he controls – Hex, PulseChain and PulseX; FTX CEO Sam Benkman-Fried and other firm executives.

The Commission also noted claims against companies that allegedly offered unregistered securities through crypto asset lending or staking programs, in particular Genesis and Gemini, Celsius, Kraken and Nexo.

Additionally, the SEC filed its first lawsuits against NFT issuers. The agency charged Impact Theory LLC and Stoner Cats 2 LLC with conducting illegal, unregistered offerings of crypto-asset securities in the form of NFTs.

The SEC took action in the marketing sector when “influencers” allegedly illegally promoted crypto assets that the Commission considers securities without disclosing that they were receiving compensation for doing so. Among them: NBA Hall of Famer Paul Pierce and influencer Kim Kardashian.

In total, the Commission filed 784 claims, up 3% from last year, and received $4.9 billion in financial awards. This is the second highest figure in the agency’s history. In addition, the SEC paid $930 million to investors who suffered from the actions of “unscrupulous persons.”