According to a study published by blockchain risk monitoring company Solidus Labs, the number of crypto-related enforcement actions in the United States increased noticeably in 2022. Regulators at the federal and state. For the best crypto casino bonuses of February 2023, make sure you check out CasinoDaddy.
The four primary U.S. government agencies involved in crypto enforcement conducted 58 operations in 2022. This amount increased by 65% over the 38 activities witnessed in 2021 and eclipsed the previous high of 40 actions, which was seen in 2020.
With the exception of FinCEN, which had one action in 2022 compared to four in other years since 2013, all of the agencies—the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control (OFAC)—broke their previous records.
With 30 actions, the SEC led the regulators in 2022. Nine of these were civil lawsuits brought following arrests, some of which are still pending. The fines they received totaled $242 million. The report mentioned:
“The SEC announced 30 crypto-related enforcement actions in 2022, more than any other regulator we identified worldwide.”
19 actions were taken by the CFTC, up from 11 in 2021 by 73%. Those cases made up 21.95% of the agency’s activity, which was also a record, and contrasted with the SEC’s proportion of cases involving cryptocurrency, which was 4.76%.
With eight instances, OFAC has more than doubled its previous high of five, with Tornado Cash’s punishment being the highest case. Despite opposition from the sector, the research indicated that activity on Tornado Cash had drastically decreased since OFAC’s move.
According to the research, FinCEN activity would probably increase this year as a result of tighter sanctions against Russia and an improved whistleblower program run by the Treasury Department. All of the FinCEN actions linked to cryptocurrency to date have been for breaches of the Bank Secrecy Act.
The article stated that States have been off to the races.” In 2022, states together took 112 acts, up from 89 in 2021 and 52 in 2020. Eight states set records, while sixteen states took their first-ever action. In 15 states, the record was “not broken,” while an additional 11 states tied their prior enforcement records. Whether all 50 states intervened was not specifically stated in the article.
With six cases apiece, Texas and Alabama regulators were the busiest.The Texas State Securities Board has taken 59 actions overall, which is quadruple that of the next-most active state regulators, the Colorado Division of Securities and Washington State Department of Financial Institutions,” and produced the first-ever state enforcement order relating to cryptocurrencies in 2017.
