Mr. Do-Kwon’s massive fine shows that the SEC is strengthening its punishment for cryptocurrency companies.

“Recent high-profile cases against Terra/Dogwon and Ripple, which resulted in fines reaching hundreds of millions or even billions of dollars, signal a shift in the SEC’s strategy.” Andrea Tosato, an assistant professor of law at the University of Pennsylvania, said in an interview with CoinDesk. . “Overall, the SEC seems to be trying to send the message that the reward is not worth the risk.”