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SEC Touts $5 Billion in Penalties After Year of Crypto Dragnet

  • SEC highlights cases against Wall Street brokers, crypto firms
  • Enforcement division brought over 700 actions last year

The US Securities and Exchange Commission said that its enforcement actions during fiscal year 2023 led to almost $5 billion in fines and money ordered to be reimbursed to investors, as the agency sued Wall Street brokerages and many of the largest players in the crypto industry.

The SEC said Tuesday that the total penalties it won between October 2022 and Sept. 30 was the second highest amount on record. In a statement, the regulator highlighted its actions involving digital assets, cybersecurity and Wall Street brokerage employees using unapproved communications platforms to conduct business.

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