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ARTICLE · 26 DECEMBER 2024

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Evolving Legal And Political Landscape Creates Uncertainty About Securities Regulation Of Crypto-Related Activity

As 2024 comes to a close, the regulation of crypto-related activity continues to stand at the forefront of securities regulators' enforcement priorities and objectives.

GlobalTechnology

As 2024 comes to a close, the regulation of crypto-related activity continues to stand at the forefront of securities regulators' enforcement priorities and objectives. Across Canada, provincial securities regulators commenced 15 enforcement proceedings, with enforcement objectives focusing on unregistered cryptoasset offerings, unregistered cryptoasset trading platforms and crypto-related fraudulent schemes.1 In the U.S., the Securities and Exchange Commission (SEC) continued to carry out an enforcement mandate with a heightened focus on the regulation of crypto-related activities. Of the $8.2 billion in civil penalties and disgorgement the SEC issued in 2024, approximately 56% is attributable to a monetary judgment obtained following the trial against Terraform Labs and Do Kwon, who were found liable for defrauding investors in cryptoasset securities.2 In October 2024, the SEC initiated an 800% surge in crypto-related enforcement proceedings.3

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