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Crypto's 2024: Key players shaping the landscape, from Trump's Bitcoin reserve to SEC crackdowns, impacting global financial stability and innovation.
2024 is winding down, and the world of cryptocurrency is seeing some pretty big players on both sides of the field. We have champions for crypto in business, and we have challengers. From a Bitcoin proposal by Donald Trump to the SEC cracking down on everything crypto, there’s a lot to unpack here. Let’s dive into who’s who in this crypto showdown.
You know it’s wild times when Donald Trump is standing up for Bitcoin (BTC) and crypto. He offered a wild proposal to create a Strategic Bitcoin Reserve for the U.S. This is a total 180 from his 2021 comments, where he dismissed Bitcoin as a scam—now he’s saying America should embrace all that crypto more. His speech at Bitcoin 2024 in Nashville was a major moment.
"If Bitcoin is going to the moon, as we say it’s going to the moon, I want America to be the nation that leads the way."
His new position could open the door for other countries to do the same, which could help stabilize BTC's value and give it a real shot for international transactions.
Over in El Salvador, President Nayib Bukele is still a big proponent of crypto. He’s been keeping BTC as legal tender and using blockchain tech to bolster his country’s economy. Yes, there was that $1.4 billion agreement with the International Monetary Fund (IMF) that made him concede some Bitcoin activities, but the government is still buying one Bitcoin a day.
Hester Peirce, the US Securities and Exchange Commission (SEC) Commissioner, has been dubbed “Crypto Mom” for good reason. She’s been fighting for the crypto community this year, pushing for reforms within the SEC that would support the industry’s long-term growth.
Brian Armstrong, CEO of Coinbase, has also been a leading voice in the crypto camp. He’s been engaging with lawmakers in the U.S., U.K., and Australia through the Stand With Crypto lobbying group. Coinbase is in a legal battle with the SEC, pushing for clearer regulations that support the industry as a whole.
Vitalik Buterin, Ethereum's co-founder, has been a strong proponent of crypto and its potential. He proposed improvements to Web3 wallets for better security and privacy and defended against the threat quantum computers pose to encryption.
Senator Cynthia Lummis has put her weight behind crypto in Washington. She’s suggested the U.S. government use some of its gold holdings to invest in BTC—a bold move.
Michael Saylor, founder of MicroStrategy, has shown how public firms can adopt BTC as their primary treasury asset. MicroStrategy's massive Bitcoin holdings are now poised to potentially surpass those of household names like Nike and Starbucks.
On the other side, the SEC has been relentless this year, ramping up its attacks on crypto companies with more lawsuits and enforcement. Under Gary Gensler, the SEC has been accused of stifling innovation and pushing companies out of the U.S. market.
Britain’s Financial Conduct Authority (FCA) has tightened its grip on the crypto industry, with local leaders saying the rules are killing innovation. Many crypto companies are moving to friendlier jurisdictions.
Sahil Arora, a memecoin master, shot to fame with a series of celebrity-endorsed memecoins this year. After being denounced by the very celebs he used to market the coins, it proved just how risky unregulated crypto projects can be.
Operation Chokepoint 2.0, initiated by the Biden Administration, has allegedly been working to isolate crypto from the banking system. Over 30 crypto founders are said to have been denied access to banking services, raising questions about Biden's crypto stance.
This year's most prolific cybercrime group, the Dark Angels ransomware group, targeted crypto. They claimed the biggest ransom payment of $75 million in BTC after crypto prices and trading volumes soared.
Pig butchering scams have become a nightmare for victims globally, who have lost over $75 billion. These scammers build long-term, trust-based relationships online and trick victims into fake crypto investment schemes.
State-sponsored cybercrime has made a significant comeback this year, with the Lazarus Group, linked to North Korea, transferring over $1 million in BTC after going dark for a while. They’ve been linked to $3 billion in crypto theft since 2017.
The crypto world in 2024 is a battlefield of champions and challengers. Meanwhile, the landscape keeps shifting, driven by company strategies, global implications, and the constant push and pull between regulation and innovation.
