Crypto firms paid $19 billion in settlements to U.S. regulators so far in 2024, up 78.9% from last year

According to a recent report released by CoinGecko, the amount of litigation settlements between cryptocurrency companies and US regulators has exceeded $19 billion so far in 2024, accounting for nearly two-thirds of all settlements to date. In the eight settlements in 2024, the settlement income received by regulators increased by 78% compared with 2023 ($10.87 billion) and increased by 8,327% compared with 2022. The total settlement amount includes confiscation, recovery of illegal income, civil penalties, settlements and pre-judgment interest, but does not include personal lawsuits against executives. Lim Yu Qian, a research analyst at CoinGecko, said the collapse of Celsius and Terraform Labs in mid-2022 was "a key event marking the shift from a bull market to a bear market for cryptocurrencies, culminating in the collapse of FTX, which triggered a new round of regulatory scrutiny in the United States." The year is not over yet, Qian believes that there may be more settlements in 2024, "Even with a few months to go, the value of settlements in 2024 has increased by 78.9% over 2023. Given that U.S. regulators show no signs of slowing down their review of the crypto industry, 2024 may see more litigation settlements than last year." Previous news, according to CoinGecko statistics, the amount of settlements between cryptocurrency companies and U.S. regulators has reached $32 billion so far, of which FTX and Alameda have the largest amounts, with a settlement amount of $12.7 billion, followed by Celcius ($4.7 billion), Terraform Labs ($4.5 billion), and Binance ($4.3 billion).