The U.S. Securities and Exchange Commission (SEC) filed 46 enforcement actions against crypto firms in 2023, more than double the number in 2021.

According to a report published on Jan. 24 by litigation consultancy Cornerstone Research, the number of cryptocurrency-related enforcement cases filed by the SEC in 2023 was the highest since 2013, suggesting that digital assets were a "top priority" for the commission. Of the 46 enforcement actions in 2023, Cornerstone reported that the SEC imposed $USD 281 million in monetary settlement penalties and tripled the number of administrative proceedings since 2022.

"Chairman Gensler has noted that 'enforcement is a tool, not destiny,' and the number of SEC enforcement actions filed in the crypto space has skyrocketed over the past two years," said Simona Mola of Cornerstone, author of the report.

Cornerstone reported that the number of SEC enforcement actions consisting of litigation or administrative proceedings was 20 in 2021 – the year Gary Gensler's nomination as committee chairman was confirmed by the U.S. Senate. Under Genser, the SEC's actions on cryptocurrencies increased by 50% in 2022 and more than 53% in 2023.