Year In Review: 2024's Most Important Cryptocurrency Developments
Spot ETF Approvals
The SEC approved spot Bitcoin and Ethereum ETFs over the course of 2024, allowing funds in each category to begin trading in January and July, respectively. Bitcoin ETFs alone have achieved a $119 billion market cap and $5 billion in volume, indicating widespread investor interest.
The funds could pave the way for other funds in the future, including several XRP ETFs that are currently in the application stage.
FTX Bankruptcy Payments
Nearly two years after its collapse, FTX moved toward paying former customers in 2024. In October, the company was cleared to begin payments.
In December, FTX said it would begin payouts on Jan. 3, 2025. Payouts will be handled through Kraken and BitGo, and customers are expected to receive billions of dollars in distributions overall.
Trumps Plans to Use Crypto
U.S. President-elect Donald Trump described plans to advance crypto in the U.S. both during his 2024 campaign and after his election victory.
Most significantly, Trump is expected to establish a U.S. Bitcoin reserve and strengthen the U.S. Bitcoin mining sector. Trump broadly restated his commitment to advancing crypto as recently as December 12.
Bitcoin's New Highs
Bitcoin reached new all-time highs over the course of 2024. At the time of writing on Dec. 18, the cryptocurrency was priced at an all-time high of $105,904. Barron's has attributed the latest increases to Trumps expected reserve strategy and to large purchases by the firm Microstrategy.
SEC Crypto Trials
Several enforcement lawsuits initiated by the U.S. Securities and Exchange Commission (SEC) began in 2024 or progressed throughout the year, including cases against three major crypto companies Coinbase, Kraken, and Binance.
The eventual results of each case could help determine what crypto companies must do in order to comply with U.S. securities law and avoid enforcement action.
MiCA Impacts EU
The EU continued to move toward Markets in Crypto Assets (MiCA) regulations. On June 30, 2024, MiCA rules around stablecoins took effect. Certain exchanges began to restrict stablecoin availability to EU customers prior to that date. Meanwhile, Circle announced that it had achieved EU compliance for its stablecoins.
The EU will continue to impose other, non-stablecoin MiCA requirements in the coming months and years, requiring general compliance by mid-2026.
Read more: https://www.bitrates.com/news/p/year-in-review-2024s-most-important-cryptocurrency-developments
Text source: Bitrates.com Feed
