ChainCatcher news, Coinbase's Vice President of Legal, Ryan VanGrack, pointed out that over 50% of the SEC's record total fines in 2024 come from the $4.4 billion case against Terraform, but this fine may be difficult to recover. VanGrack believes that an excessive focus on enforcement data may create wrong incentives and suggests focusing on the amount returned to harmed investors as a metric.The Wall Street Journal previously reported that the SEC has not collected fines amounting to as much as $10 billion, including the $62 million fine imposed on Paul Bilzerian 31 years ago for securities fraud (which has grown to $180 million with interest), highlighting the SEC's limitations in enforcement recovery.