The year 2024 has been both eventful and fascinating for the entire cryptocurrency market and its many participants around the world. What made it especially intriguing were certain individuals whose actions set the course for the development of the digital asset industry throughout the year.
In this review, the itez team takes a look back at the people — or even organisations — that had the most significant impact on the cryptocurrency market in the past year. Let’s dive into who, and why, can be considered the true heroes and villains of the industry.
Bad Guys
Gary Gensler and the SEC
Gary Gensler assumed the position of Chairman of the SEC in 2021. By 2024, the head of the U.S. Securities and Exchange Commission became one of the most controversial figures in the crypto industry. In the eyes of many crypto enthusiasts, the commissioner, known for his strict regulatory approach, had become a true villain.
This figure has been a subject of criticism from the crypto community for quite some time. He is disliked for his overly harsh and sometimes inconsistent regulatory measures. One of his most notable failures was the prolonged legal battle with Ripple, in which he attempted to classify trading the fintech company's native token, XRP, as an illegal securities offering.
Here’s why the crypto community continues to dislike the SEC chairman:
- Too many new rules.
- Lack of clear action protocols.
- Hiring of unqualified staff at the SEC.
You can learn more about Gensler’s clashes with the crypto community and the allegations against him in our detailed article.
Hackers
Hackers continue to target the crypto market. In 2024, the industry lost over $2.3 billion due to fraud and hacks. Here are some of the most notable incidents of 2024:
- The Radiant Capital protocol lost $50 million due to a hack linked to North Korean hackers.
- The Indian crypto exchange WazirX was subjected to a massive hack, losing around $234.9 million.
- Hackers bypassed Coinbase's AML systems, stealing $15.9 million.
- The Bitfinex hack: one of the participants in the infamous hack was sentenced to five years for laundering $10 billion, while his wife received 18 months.
- The SEC's account on X (formerly Twitter) was hacked, leading to a large-scale investigation.
These attacks and the evolving tactics of North Korean cybercriminals represent a constant threat in the crypto space, significantly undermining the reputation and security levels of the entire industry.
Good Guys
Donald Trump
One of the most notable and memorable heroes in the crypto industry is undoubtedly Donald Trump — the politician who won the 2024 US presidential election.
His election campaign greatly inspired crypto enthusiasts worldwide, as he promised to implement numerous initiatives aimed at supporting the crypto market. Here are just a few of them:
- Fire the current SEC Chairman Gary Gensler and replace him with crypto supporter Paul Atkins.
- Legalise cryptocurrency payments in the country.
- Establish a national Bitcoin reserve in the United States.
Overall, Trump's policy is focused on reversing strict regulatory measures and fostering innovation within the industry. You can learn more about the promises made by the new president of the United States and the initiatives he proposed in this article.
Coinbase
Coinbase, one of the largest cryptocurrency exchanges in the market, has also played a significant role in supporting the industry this year. It made a major contribution by exposing the unjust actions of US regulators.
For example, it was through Coinbase that the public learned about the FDIC’s recommendation for banks to limit cryptocurrency services. This led to concerns within the crypto community about the apparent bias of US financial institutions towards digital assets.
Coinbase’s CEO, Brian Armstrong, also took a stand by openly criticising the growing regulatory pressure on the industry, highlighting that crypto enthusiasts were deeply unhappy with the situation.
Armstrong didn’t hold back his criticism of Gary Gensler, demanding that the next SEC Chairman put an end to all “meaningless actions” and apologise to the American public.
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This article is not investment advice or a recommendation to purchase any specific product or service. The financial transactions mentioned in the article are not a guide to action. It’s not intended to constitute a comprehensive statement of all possible risks. You should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
