The Securities and Exchange Commission said that its enforcement actions during fiscal year 2023 led to almost $5 billion in fines and money ordered to be reimbursed to investors, as the agency sued Wall Street brokerages and many of the largest players in the crypto industry, Bloomberg News reported. The SEC said Tuesday that the total penalties it won between October 2022 and Sept. 30 was the second highest amount on record. In a statement, the regulator highlighted its actions involving digital assets, cybersecurity and Wall Street brokerage employees using unapproved communications platforms to conduct business. “The investing public benefits from the division of enforcement’s work as a cop on the beat,” said SEC Chair Gary Gensler said in a statement. The agency said that it filed 784 enforcement actions, which represented a 3% increase from 2022. The agency’s focus on crypto has led some in the industry to consider Gensler its top enemy in Washington. During fiscal 2023, the SEC brought a civil case against FTX co-founder Sam Bankman-Fried. The regulator’s action against the former FTX front man has taken a back seat to the Department of Justice’s criminal charges.
