How the SEC Cracked Down on Crypto in 2023

The SEC says it filed 784 enforcement actions in 2023 which included charges against Sam Bakeman Fried and Do Kwon. You're watching a special edition of Coin Desk Daily. I'm your host, Jen Sani. This year, the SEC says total enforcement actions are up 3% from the year before the agency highlighted their crypto actions saying it was a quote, highly productive and impactful year for the S ECs enforcement actions relating to crypto asset securities and quote, the agency highlighted fraud, unregistered offerings and touting as some of the alleged misconduct. This year fraud. The SEC brought charges against Terraform Labs and its founder Jo Kwon in February accusing both of defrauding investors in crypto schemes. At the time, the SEC said Terraform and Kwon raised billions of dollars from investors by offering and selling an interconnected suite of crypto asset securities. Many in unregistered trade transactions. Terraform labs and do Kwon remain locked in a legal battle with the SEC over the deep peg and collapse of us. T. Kwan was indicted in March by a grand jury on fraud charges. A warrant for his arrest has also been issued by South Korean authorities, he faces extradition to the US or South Korea after serving a four month sentence in Montenegro a month after the collapse of FTX. The SEC charged Sam Beman freed with defrauding investors in a press release sec chair, Gary Gensler is noted as saying, quote, we allege that Sam Ban Freed Build built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto and quote Sam Bakeman Fried faced a criminal trial in October where he was found guilty of seven charges related to fraud. He is now awaiting sentencing and could face life in prison. That's a wrap for this special edition of coin desk daily. Get more updates on coindesk.com and we'll see you next time.