By Frank Martin (MoneyAmped.com)
As it has been over the years, crypto attracted both supporters and haters in 2024. The former advocated for the adoption of the tech, while the latter appeared to be against it.
Here at MoneyAmped, we have highlighted seven ‘heroes,’ who have championed crypto this year, and two ‘villains,’ who threw up roadblocks in an attempt to stop the progress of the industry.
Heroes
Donald Trump
US incoming President Donald Trump has been a big advocate for crypto throughout the year, promising to make America the global hub for blockchain innovations. Moreover, he plans to adopt a Bitcoin strategic reserve when he assumes office next month.
Trump’s speech at this year’s Bitcoin Conference signaled an imminent shift in crypto policy. Many industry players hope that the President will provide a clear regulatory framework and end the regulatory wars, which have been rampant under Joe Biden’s administration.
Nayib Bukele
The President of El Salvador, Nayib Bukele, has continued to advocate for crypto adoption despite agreeing with the International Monetary Fund to back off on various crypto activities after securing a $1.4 billion loan.
He tweeted earlier this month that El Salvador’s National Bitcoin Office will keep purchasing one Bitcoin daily and never sell its holdings. In addition, his government will continue to recognize Bitcoin as a legal tender.
Hester Peirce
SEC Commissioner Hester Peirce, popularly known as Crypto Mom within the blockchain industry, has received praise from community members for her pro-crypto stance and for pushing back against the regulator’s ‘regulatory by enforcement’ approach.
Throughout the year, Peirce has called for regulatory clarity and the establishment of policies that promote the long-term growth of the crypto industry.
Brian Armstrong
Coinbase CEO Brian Armstrong has actively participated in campaigns that call for the introduction of proper crypto policies. Furthermore, he has engaged with several US policymakers to encourage them to table crypto bills that foster the growth of this nascent industry.
Interestingly, Armstrong said in November that his company would not work with law firms hiring outgoing SEC officials, who he accuses of being against crypto.
Vitalik Buterin
As fear grew among crypto users following Google’s announcement of encryption-breaking quantum computers last month, Ethereum founder Vitalik Buterin proposed various changes to noncustodial wallets that would improve security and keep users’ assets safe.
His ability to continuously provide solutions to emerging threats to the industry makes him one of the crypto heroes this year.
Senator Cynthia Lummis
Republican Senator Cynthia Lummis is a vocal crypto supporter on Capital Hill. She is pushing other lawmakers to vote for her Bitcoin reserve bill, which would see the United States government add one million BTC to its reserves within five years.
Last month, Lummis proposed that the US Treasury convert some of its gold holdings into Bitcoin, essentially creating a strategy reserve of the digital asset.
Michael Saylor
As many publicly traded companies shied away from investing in Bitcoin, MicroStrategy, a software firm led by Michael Saylor, adopted the coin as its treasury reserve asset. It now holds 439,000 Bitcoin, valued at $41 billion.
Saylor has been urging other US companies to invest in Bitcoin over the past few months. Although his attempt to persuade Microsoft to embrace the coin failed two weeks ago, it was still a nice try.
Villains
The Securities and Exchange Commission (SEC)
Led by Chairman Gary Gensler, the SEC has targeted crypto companies in 2024, leveling several enforcement actions and lawsuits, which many industry players found unfair. According to Gemini co-founder Tyler Winklevoss, no apology from Gensler can undo the massive damage he has done in the past few years as he prepares to leave office in January.
The United Kingdom Financial Conduct Authority (FCA)
The UK’s financial watchdog, FCA, has kept enforcing regulations that local crypto players say are stifling blockchain innovation. As such, several companies have left the country for crypto-friendly jurisdictions.
In November, the FCA banned Solana protocol PumpFun for not registering with the regulator. Additionally, it directed meme coin project Retardio to block UK citizens from investing after accusing it of failing to obtain a license.
