TechFlow reports on September 14 that, according to Cointelegraph, John Deaton, a prominent U.S. crypto-friendly lawyer and Republican Senate candidate, recently stated that the U.S. Securities and Exchange Commission's (SEC) excessive intervention in the cryptocurrency industry has caused retail investors to lose over $15 billion. In a social media post on September 13, Deaton emphasized that the SEC's misconduct and serious overreach have inflicted significant losses on 75,000 retail investors, and he, representing these investors, refuses to accept the SEC's apology.
Previous report: In 2024, the SEC’s enforcement actions against cryptocurrency companies reached a record total of $4.7 billion, an increase of more than 3,000% compared to $150.3 million in 2023. This surge was primarily driven by the $4.47 billion settlement reached with Terraform Labs and its former CEO Do Kwon in June, which the SEC called its "largest enforcement action to date."
