On the one hand, the SEC and CFTC both imposed record-high financial remedies in their 2024 fiscal year (FY2024), which ended on September 30, 2024. On the other hand, the agencies brought substantially fewer enforcement actions than in recent years, according to their FY2024 enforcement reports. Moreover, the record financial remedies were driven by blockbuster awards in just two actions: the SEC’s trial victory against Terraform Labs PTE and Do Kwon, which offered a stablecoin pegged to the U.S. dollar, and the CFTC’s judgment against digital currency exchange FTX and Alameda Research. The agencies’ enforcement reports reflect their continuing focus on digital assets and emerging technologies, as well as traditional areas including compliance, misconduct and fraud. This article distills the key takeaways from the reports. See “SEC and CFTC 2023 Enforcement Results: Robust Enforcement Activity and Significant Monetary Sanctions” (Jan. 18, 2024).