SEC Chairman: The enforcement actions initiated by the SEC in 2023 involved a total amount of $5 billion, and most of the cryptocurrency market falls under the category of securities

ChainCatcher news, according to Cointelegraph, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke at the 2023 Securities Enforcement Forum, revealing the agency's enforcement actions that resulted in $5 billion in judgments and orders. Gensler noted in his speech, "Don't get me started on cryptocurrency. I won't even name all the individuals we have charged in this highly non-compliant space."

When discussing the economic perspective of the SEC's enforcement actions, Gensler pointed out that the agency initiated over 780 enforcement actions in 2023, including more than 500 independent cases. These enforcement actions led to a total of $5 billion in judgments and orders, with $930 million allocated to harmed investors.

Gensler reiterated his previous stance on cryptocurrency, claiming that most of the cryptocurrency market falls under the category of securities and therefore must be governed by the same laws. In explaining the broad definition of securities, Gensler elaborated on the concept of "investment contracts" and why most of the cryptocurrency market is similar to it. Gensler believes that most cryptocurrency assets will pass the investment contract test, bringing them under the jurisdiction of securities regulations.