In 2024, Terraform Labs and its founder, Do Kwon, were fined $4.68 billion for violating securities laws, mainly due to the collapse of their stablecoin, TerraUSD. This collapse led to significant investor losses and drew intense SEC scrutiny. The SEC has also taken action against Coinbase, accusing the company of running an unregistered exchange, broker, and clearing agency. Similarly, Binance, the world's largest crypto exchange, faced charges in 2023 for allegedly violating U.S. securities laws and misleading investors. However, the SEC's aggressive approach has been criticized by some people, who say it creates confusion and uncertainty. Some believe the SEC should give clearer rules instead of relying on enforcement actions. One of SEC's latest actions was issuing a Wells Notice to the NFT marketplace, Opensea.