The Securities and Exchange Commission (SEC) Reports Enforcement Results for 2021 and Cryptocurrency and SPACs Among the Named Actions

On November 18, 2021 the The Securities and Exchange Commission (SEC) announced a large increase in enforcement actions compared to 2020. Cryptocurrency and SPAC were seen as emerging threats. For instance, the Commission notes that it charged a company for operating an unregistered online digital asset exchange, charged a crypto lending platform and top executives alleging $2 billion in fraud, and brought an action against a special purpose acquisition company and others for alleged misconduct in a SPAC transaction.

Rooting Out Misconduct in Crypto

  • Charged entities and individuals with unregistered and/or fraudulent offerings of digital asset securities, including: fraud and unregistered offering charges against three individuals who founded and promoted digital asset companies; charges against an issuer and its founders for allegedly defrauding more than a thousand investors in an unregistered offering of digital asset securities; and charges against Ripple Labs and two of its executives alleging a $1.3 billion unregistered offering.
  • Took action against other misconduct in the crypto market, including charging the operator of ICO listing website Coinschedule.com with unlawfully touting digital asset securities.

Following is a list of other enforcement actions:

About Mark Nolan

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