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Crypto lobbying group Blockchain Association says to brace for more legal attacks this month.
That’s because September tends to be a doozy for the Securities and Exchange Commission.
It just hit crypto trading app eToro, which — alongside a $1.5 million settlement — agreed to stop US customers from trading all crypto but for Bitcoin, Bitcoin Cash, and Ethereum.
“Unfortunately, we’ll see more of these actions over the next few weeks,” said Kristin Smith, CEO of Blockchain Association.
But why September?
The Commission’s fiscal year ends on September 30, and the more work a government agency can show it’s doing, the more money it can ask for from Congress.
And SEC Chair Gary Gensler has a big ask. He’s requesting $2.6 billion for 2025 to build out his team and rein in what he calls “the Wild West of crypto markets.”
Historically, the SEC has issued the most enforcement actions in September for the last five years.
To be clear, this isn’t exclusive to crypto actions.
The SEC oversees all financial markets in the US.
So far, the SEC has issued 12 actions. On average, it’s issued 44 in September over the past five years.
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