According to a study published by Social Capital Markets, the Securities Exchange Commission (SEC) has fined the cryptocurrency industry $7.40 billion since 2013. The report said that with Terraform Labs agreeing to pay $4.47 billion earlier this year, the total fines for 2024 have exceeded previous years, reaching $4.70 billion. However, the report also said that the total number of fines issued fell to 11 from 30 last year, when the SEC imposed fines totaling $150 million on the crypto industry. "The overall increase in fines indicates a strategic shift towards fewer, higher-impact cases," Social Capital Markets said in its report. "This change underscores the need for crypto firms to prioritise regulatory compliance as financial exposure associated with breaches has escalated."