In a recent announcement, the U.S. Commodity Futures Trading Commission (CFTC) revealed a record $17.1 billion in financial relief for the 2024 fiscal year, a significant portion of which came from enforcement actions tied to the cryptocurrency sector.
The relief package included $2.6 billion in civil monetary penalties (CMP) and an impressive $14.5 billion in disgorgement and restitution. Much of this recovery stemmed from the CFTC’s aggressive pursuit of justice following the collapse of cryptocurrency exchange FTX in November 2022.
The FTX case alone contributed to the majority of the recovery, with $12.7 billion in restitution and disgorgement, marking the largest settlement in the CFTC’s history. The agency’s actions targeted fraud allegations against FTX, its affiliate Alameda Research, and several key executives, including founder Sam Bankman-Fried. Bankman-Fried, who was sentenced to 25 years in prison in March, remains at the center of the ongoing legal battle, with additional litigation aimed at other defendants such as FTX co-founder Gary Wang, former Alameda co-CEO Caroline Ellison, and former FTX co-owner Nishad Singh.
Another high-profile case involved the crypto exchange Binance, its former CEO Changpeng Zhao, and other executives. The CFTC’s efforts resulted in a substantial $150 million recovery from Zhao, as well as a $1.35 billion civil penalty and disgorgement order.
The CFTC’s crackdown also extended to other notable crypto-related legal actions, including charges against Voyager’s former CEO, Stephen Ehrlich, for commodity pool fraud and regulatory failures. A court ruling this year supported the CFTC’s position, and the litigation continues. Additionally, the CFTC won a summary judgment in the case against Seneca Ventures, which was found to be operating a fraudulent Ponzi-like scheme involving crypto investments and misappropriated funds from a carbon offset program.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.