Reports suggest that the pre-election hype surrounding Donald Trump has also influenced regulatory attitudes within the United States. A recent study indicates that the Securities and Exchange Commission (SEC), under its outgoing chair Gary Gensler, has seen a significant drop in crypto-related enforcement actions during 2024.
According to a report published by Cornerstone Research on January 23, 2025, the SEC pursued 47 enforcement actions against cryptocurrency companies in 2023. However, this number fell to 33 in 2024, reflecting a 29.79% decline.
The report further states that in 2024, the SEC charged 90 defendants in cryptocurrency-related cases, including 57 individuals and 33 firms.
This reduction in enforcement actions during Gensler’s final year as SEC chair has sparked discussions about the potential influence of political shifts and leadership changes on cryptocurrency regulation in the U.S.
The crypto market has been shaken by Donald Trump’s changing stance on digital assets. While some support his views and actions, others strongly oppose them. The recent launch of a memecoin by Trump and First Lady Melania Trump has intensified the debate. Many are now calling for an investigation into the token’s launch, supply, and trading practices.
Gary Steps Back from Crypto-Related Cases in 2024
In the past year, the SEC initiated several cases and imposed penalties on crypto-based companies and individuals. However, there was no official explanation for the slower pace of enforcement actions.
Experts speculate that Gary Gensler, the outgoing SEC chair, may have avoided conflicts with companies or individuals, particularly following the leadership change in the United States after Donald Trump’s historic victory in the 47th presidential election.
The report highlights that over half of the SEC’s enforcement actions in 2024 occurred in September and October, with only four actions initiated after the U.S. elections in November.
Despite the slowdown in late 2024, Gary Gensler’s tenure saw a total of 125 enforcement actions, compared to the 70 actions initiated under his predecessor, Jay Clayton.
Notably, the monetary penalties collected during Gensler’s term amounted to $6.05 billion, significantly higher than the $1.52 billion collected during Clayton’s leadership.
Crypto market price updates
As of writing the cryptocurrency market capitalization was at $3.62 trillion, which grew around 2.62 percent in the past 24 hours and its price saw a staggering growth of 38 percent in the last few weeks.
According to data from CoinMarketCap, the intraday trading volume has crossed a milestone of $200 billion, with a strong surge of 38.98 percent.
Similarly, the oldest crypto of the market Bitcoin also reflected a bullish momentum adding 2.77 percent reaching $105,264, and the market capitalization has reached $2.07 trillion with a surge of 2.35 percent intraday and trading volume reached $100.91 billion with an addition of 70.76 percent.
The wider market has shown mixed sentiment with some tokens reaching new milestones and others failing to sustain above 100 and 200 days exponential moving average.
As per data, Official Trump has topped the weekly gainers list as it saw a staggering growth of 431 percent trading at $34.49 followed by Raydium which saw a growth of 41.37 percent, Solana, Aave, Bonk and Jupiter.
