Several key events occurred in 2024 that could shape the future of cryptocurrencies. Here are the most important events of the year.
The SEC approved Bitcoin and Ethereum spot ETFs throughout 2024, allowing funds in each category to begin trading in January and July, respectively. Bitcoin ETFs alone have reached a market cap of $119 billion and volume of $5 billion, 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.
Nearly two years after its collapse, FTX moved on to pay its former customers in 2024. In October, the company was authorized to begin payments.
In December, FTX said it would begin making payments. It’s January. 3, 2025. Payments will be handled through Kraken and BitGo, and customers are expected to receive billions of dollars in distributions overall.
US President-elect Donald Trump outlined plans to promote cryptocurrencies in the United States both during his 2024 campaign and after his election victory.
Most significantly, Trump is expected to establish a US Bitcoin reserve and strengthen the US Bitcoin mining sector. Trump widely reiterated its commitment to advance cryptocurrencies as recently as December 12.
Bitcoin reached new all-time highs over the course of 2024. At the time of writing on December 18, the cryptocurrency was priced at an all-time high of $105,904. Barron has attributed the latest increases to Trump’s expected reserve strategy and the large purchases of the Microstrategy firm.
Several enforcement lawsuits brought by the US 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 final results of each case could help determine what crypto companies must do to comply with US securities law and avoid enforcement actions.
The EU continued to move towards regulating cryptoasset markets (MiCA). On June 30, 2024, MiCA rules on stablecoins came into effect. Certain exchanges began restricting the availability of stablecoins to EU customers before then. Meanwhile, Circle announced that it had achieved EU compliance for its stablecoins.
The EU will continue to impose other non-stable MiCA requirements in the coming months and years, requiring general compliance by mid-2026.
Disclaimer: The information contained herein is provided without regard to your personal circumstances and should not therefore be construed as financial advice, an investment recommendation or an offer or solicitation to trade in cryptocurrency.
