The crypto industry has had a successful year, thanks to the introduction of spot exchange-traded funds (ETFs) in the United States and Donald Trump’s victory. Despite the success, several entities are still against the sector and have put roadblocks in a bid to halt its progress.
This article reveals the ‘villas,’ who have continuously fought against crypto, and the ‘heroes’ who’ve supported the industry throughout the year.
The Heroes
Donald Trump
Before being re-elected on November 5th, Republican Donald Trump met with several crypto enthusiasts, promising them to create an environment that fosters blockchain innovations. One of his promises was to fire the Securities and Exchange Commission (SEC) Chair Gary Gensler, who many accuse of attempting to harm the crypto industry with his unfair enforcement actions.
Gensler is now expected to leave his role in January and will be replaced by pro-Bitcoin Paul Atkins. Crypto enthusiasts hope that Atkins will adopt a collaborative approach to the industry rather than attacking it.
Besides nominating a pro-crypto SEC Chair, Trump plans to establish a Bitcoin reserve, essentially legitimizing the coin.
Nayib Bukele
El Salvador leader Nayib Bukele has been a vocal advocate of Bitcoin throughout 2024. His government’s National Bitcoin Office has kept its promise of buying one BTC a day despite signing a loan deal with the IMF that required Bukele to refrain from participating in certain Bitcoin activities.
As of December 27th, El Salvador holds 5,998 Bitcoin worth over $578 million. Earlier this month, Bukele told his X followers that his administration would not sell a single coin.
Hester Peirce
Pro-crypto SEC Commissioner Hester Peirce has become a popular figure in the industry due to her continued advocacy for regulatory clarity and condemnation of her colleagues who support SEC’s against crypto.
Some blockchain fanatics hoped that Peirce would be picked to replace Gensler, but that did not happen. Nonetheless, they are optimistic that she will continue to push for fair crypto policies even under Atkins’ administration.
Brian Armstrong
Brian Armstrong, the CEO of US-based crypto exchange Coinbase, has been calling for regulatory clarity this year. He has met with numerous lawmakers to push them to introduce favorable crypto bills to Congress.
Furthermore, Armstrong has urged other industry players not to work with law firms that accommodate outgoing SEC officials who actively participated in fighting against crypto. To serve as an example, Coinbase cut ties with the Milbank law firm, which hired SEC’s former senior official, Gurbir Grewal, in November.
Vitalik Buterin
Software engineer and co-founder of the Ethereum blockchain, Vitalik Buterin, has been active in the industry this year to ensure that crypto achieves its full potential. His recent contribution involves proposing massive changes to crypto wallets to protect user funds amid fears that the introduction of encryption-breaking quantum computers would pose several security risks.
Senator Cynthia Lummis
Republican Cynthia Lummis is the lawmaker behind the Bitcoin reserve proposal. The pro-crypto senator introduced the bill earlier this year. If Congress passes it and receives Trump’s approval, the US government will start buying 200,000 Bitcoin annually in a period of five years. What’s more, Lummis proposes that the US Treasury sell some of its gold reserves to purchase Bitcoin.
The Villains
The SEC
The crypto industry has suffered under the Gensler-led SEC. This agency has brought several lawsuits against blockchain companies, which have had to pay penalty fees worth millions to settle the charges.
Gemini co-owner Tyler Winklevoss says the outgoing SEC Chair should not bother apologizing, as he claims that no apology can erase the damage he has done since assuming office in 2020.
The Financial Conduct Authority
Like the US SEC, the United Kingdom Financial Conduct Authority (FCA) has targeted the crypto industry in 2024. Many accuse the FCA of enforcing policies that stifle blockchain innovation in the UK.
In the past two months, the British financial watchdog has targeted two crypto projects, the Retardio meme coin and Solana-based DApp PumpFun. The two were forced to leave the UK market for their failure to register with the FCA.
