The $17.1 Billion CFTC Enforcement Bonanza: Why Crypto Killed Traditional Trading Cases

TL;DR: The CFTC's record $17.1 billion enforcement recovery in 2024 created a massive resource allocation shift from traditional market surveillance to digital asset cases. Zero spoofing cases were filed in 2024 versus five in 2023, while total enforcement actions dropped 40% from 96 to 58 cases. This regulatory arbitrage opportunity generated alpha for…