![Do Kwon’s Huge Fine Shows the SEC Is Ratcheting Up Penalties Against Crypto Firms Do Kwon’s Huge Fine Shows the SEC Is Ratcheting Up Penalties Against Crypto Firms](https://i3.wp.com/www.coindesk.com/resizer/vUqin_agH9Pvf9bq5M5sNPY3TzQ=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DGDTIYROOFDXVFQ2B2YXKRE4SA.jpg?w=1200&resize=1200,0&ssl=1)
“The recent high-profile cases against Terra/Do Kwon and Ripple, with penalties reaching hundreds of millions or even billions of dollars, do signal a change in the SEC’s strategy,” University of Pennsylvania assistant law professor Andrea Tosato told CoinDesk in an interview. “Overall, I would say that it appears the SEC is trying to send the message that … the reward is just not worth the risk.”