SEC to “Ramp Up in Enforcement and Regulatory Actions” in 2024, New Report Reveals
The United States Securities and Exchange Commission (SEC) will continue to “ramp up” its ruling-by-enforcement approach in 2024, Norton Rose Fulbright’s 2024 FinTech Outlook released this past week reveals.
The global law firm expects “to see even further ramp-up in enforcement and regulatory actions with respect to US securities laws in the crypto space in 2024,” the report reveals. “The SEC has accelerated its efforts to bring enforcement cases against cryptocurrency platforms on the basis that some of the tokens sold on such platforms constitute securities,” the report continues. “The SEC’s cases seek to subject these markets to the SEC’s regulatory requirements relating to broker-dealer and exchanges.” Norton Rose Fulbright’s analysis seemingly touches on the federal agency’s widely publicized legal cases against a number of key players in the crypto industry, including Coinbase, Celsius, Ripple, and Genesis. If accurate, Norton Rose Fulbright’s prediction would see the SEC continue on an aggressive path toward digital asset regulation despite wide-ranging scrutiny from critics.
The British-American law firm’s latest FinTech report comes amidst news the SEC is facing its own legal troubles following a Texas lawsuit brought forth by the Crypto Freedom Alliance of Texas (CFAT) and crypto exchange startup Lejilex accusing the federal agency of regulatory overreach.
Today, we at @LEJILEX and the Crypto Freedom Alliance of Texas sued the @SECGov to put an end to its aggressive and unorthodox enforcement actions against our industry: https://t.co/HPQfsOtML1
— Mike Wawszczak
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