The cryptocurrency sector has experienced a turbulent year in 2024, with contrasting perspectives and significant developments.
Advocates have been pushing for the advancement of digital assets, while skeptics and regulatory bodies have imposed restrictions. This dynamic tug-of-war has shaped the industry.
Among the prominent figures championing cryptocurrency this year is Donald Trump, who has shifted his stance on Bitcoin and now advocates for its adoption. El Salvador's President Nayib Bukele has also been a staunch supporter of cryptocurrency, maintaining Bitcoin as legal tender in the country. Hester Peirce, known as "Crypto Mom," has emerged as a key figure within the U.S. Securities and Exchange Commission (SEC), advocating for clearer regulations and reforms.
On the other hand, regulatory bodies such as the SEC and the UK's Financial Conduct Authority (FCA) have intensified their scrutiny of the cryptocurrency sector, creating uncertainty and stifling innovation.
The rise of cybercrime and scams has also plagued the industry, with groups like the Dark Angels ransomware group and state-sponsored cybercriminals posing significant threats.
As 2024 comes to a close, the cryptocurrency sector faces a crossroads, with advocates pushing for progress and regulators imposing constraints. The battle between innovation and regulation will shape the future of digital assets in 2025.