The U.S. Securities and Exchange Commission (SEC) typically imposes severe penalties on cryptocurrency projects involving pyramid structures (such as Ponzi Schemes or Pyramid Schemes), commonly referred to as "Pyramid Scheme". The following is a specific analysis:

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### **1. The enforcement basis of the SEC**

The core of SEC's regulation is to protect investors, and it acts against fraudulent crypto asset projects based on the **Securities Act** and **Securities Exchange Act**. If a project is deemed to be a "security" (through the Howey test) and has the following characteristics, the SEC may intervene:

- **Promise of High Returns**: Attract investors through pyramid schemes, hierarchical rewards, and other similar models.

- **No Real Value**: The project has no actual products or services, and its profits rely on the funds from new investors.

- **Eyewash**: Concealing risks or fabricating technological backgrounds.

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### **2. Typical Penalty Measures**

The SEC's penalties for Pyramid Scheme coins include:

- **High Fines**: Companies and individuals involved must pay fines ranging from millions to hundreds of millions of dollars (for example, fines in the BitConnect case exceeded $2 billion).

- **Asset Freezing and Recovery**: Freeze assets through the court and attempt to return funds to the victims.

- **Prohibition from Practice**: Responsible persons may be prohibited from participating in the securities industry or serving as company executives.

- **Criminal Transfer**: Collaborate with the Department of Justice to pursue criminal responsibility (e.g., the mastermind of the OneCoin case was sentenced).

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### **3. Typical Cases**

- **BitConnect (2017-2018)**

The SEC accused it of raising $2 billion through a Ponzi Scheme, the founder has been prosecuted, the platform is closed, and the fine amount is a record.



- **OneCoin (2014-2019)**

Characterized as a global Pyramid Scheme, the main perpetrator Ruja Ignatova ("Crypto Queen") is wanted by the FBI, and some executives have been sentenced.

- **Forsage (2020)**

The SEC has sued for using smart contracts to implement a Pyramid Scheme, involving $300 million, and has frozen related assets.

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### **4. Comparison with Other Countries**

- **Severity**: The penalties imposed by the SEC are usually harsher than those in most countries, especially with high fines and criminal liability.

- **Coordinated Law Enforcement**: Often collaborates with agencies such as the FBI and CFTC to form a cross-departmental network for combating crime.

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### **5. Possibility of Investor Recovery**

- **Civil Compensation**: The SEC can recover some funds through litigation, but victims usually can only recover a small portion of their losses.

- **Class Action**: Investors can initiate a class action on their own, but it is time-consuming and the outcome is uncertain.

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### **Summary**

The SEC's penalties for Pyramid Schemes are overall severe, especially in cases involving securities fraud. It creates a strong deterrent through hefty fines, criminal liability, and industry bans. However, the anonymity and cross-border nature of the crypto market still make it difficult to completely eradicate certain scams. Investors must be wary of high return promises and verify project compliance (such as whether it is registered as a security).