Here’s what happened in crypto today

The SEC’s fines from crypto enforcement actions this year have seen an over 3,000% rise from 2023. Meanwhile, Crypto Super PACs are pouring more money into key US Senate races and spot Bitcoin ETFs saw their longest run of net outflows since launch.

SEC crypto enforcement hits $4.7 billion this year rising 3,000% from 2023

The United States Securities and Exchange Commission has imposed nearly $4.7 billion worth of enforcement actions against crypto firms this year — jumping over 3,000% from 2023.

The regulator’s 11 enforcement actions in 2024 have seen it net a 3,018% increase from its $150.3 million worth of fines last year, despite it laying 19 fewer actions against crypto firms.

The SEC’s record-setting year was boosted by a massive $4.47 billion settlement with Terraform Labs and ex-boss Do Kwon in June.

“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report said.

As US election season nears, Crypto Super PACs target key Senate races

With just 57 days until the US election, crypto-focused political action committees (PACs) are flexing their financial muscles in key Senate races.

The Commonwealth Unity Fund, a crypto-focused PAC funded by Gemini and Ripple Labs, has spent more than $600,000 on GOP candidate John Deaton’s election.

Deaton is vying to replace Massachusetts Senator Elizabeth Warren, who has held the Senate seat since 2013. Warren is a vocal critic of the cryptocurrency industry, supporting various measures to thwart its growth. 

Last week, Warren agreed to debate Deaton twice in October. However, the GOP candidate has been pushing for five debates.

Deaton officially secured the Republican nomination for the Senate race on Sept. 3. His other backers include the Winklevoss twins and Kraken co-founder Jesse Powell.

Bitcoin ETFs record combined $1.2 billion in outflows in eight days

The 11 United States-based spot Bitcoin exchange-traded funds (ETFs) have had combined net outflows of $1.2 billion in eight days.

On Sept. 9, Bloomberg data showed investors withdrew around $1.2 billion from the 11 listed spot Bitcoin (BTC) ETFs between Aug. 30 and Sept. 6 — their longest run of outflows since launching on Jan. 10. 

The outflows come as the Bitcoin price struggled in the first week of September, going from a high of $64,668 on Aug. 26 to a low of $53,491 on Sept. 7 — a 17.28% drop in just two weeks. However, analysts say that BTC has historically shown poor performance in September.