Author: Josh O'Sullivan, CoinTelegraph; Translated by: Deng Tong, Golden Finance
As 2024 draws to a close, it has been a significant year for those who have played both a driving and obstructive role in the cryptocurrency space. One side advocates for the technology and seeks to push it forward, while the other still does not accept it or has given cryptocurrency technology a bad reputation.
This article highlights seven proponents and seven obstructers of cryptocurrency who have had a significant impact on the development of cryptocurrency this year.
Cryptocurrency fundamentalists
Donald Trump
Donald Trump, the elected President of the United States, has become an advocate for Bitcoin and cryptocurrency this year, proposing the establishment of a Bitcoin reserve and pledging that the U.S. will become the world's 'cryptocurrency capital.'
His speech at the Bitcoin 2024 conference in Nashville was a pivotal moment in his campaign for cryptocurrency policy, as he changed the narrative around BTC in the political arena.
This is a huge shift compared to his views in 2021 when he described Bitcoin as 'a scam' and said he 'didn't like it because it was another currency competing with the dollar.'
Nayib Bukele
President of El Salvador Nayib Bukele continues to support the adoption of cryptocurrency in its economy by maintaining BTC as legal tender and promoting its use through blockchain.
In a $1.4 billion loan agreement with the International Monetary Fund (IMF), the Bukele government agreed to abandon some of its ongoing Bitcoin activities, but the national Bitcoin office stated it would 'continue to buy one Bitcoin every day.'
Hester Peirce
Hester Peirce, known as the 'crypto mom,' has been praised by the cryptocurrency community for her resistance to the SEC and her advocacy for clarifying how digital assets are handled by the agency.
Peirce pushes for internal reform at the SEC to establish policies that support long-term growth of the cryptocurrency industry and unleash its potential innovations.
Brian Armstrong
Coinbase CEO Brian Armstrong has been at the forefront of the 2024 cryptocurrency support wave, engaging with lawmakers on cryptocurrency issues and ramping up support for cryptocurrency in the U.S., UK, and Australia through the Stand With Crypto lobbying group.
Coinbase has also been in a lawsuit with the SEC and recently sought to push cryptocurrency companies to stop working with law firms that employ former SEC litigation attorneys.
Vitalik Buterin
Ethereum co-founder Vitalik Buterin continues to push the boundaries of blockchain functionality, further advancing decentralization and crypto innovation.
From proposals to modify Web3 wallets to enhance security and privacy, to defending against quantum computing that could crack encryption, Buterin has been actively promoting cryptocurrency technology and ways to protect it in the financial realm this year.
Senator Cynthia Lummis
Senator Cynthia Lummis has been a steadfast supporter of cryptocurrency on Capitol Hill, proposing the U.S. government's BTC investment strategy and advocating for BTC in mainstream policy discussions.
In November last year, Lummis stated that the U.S. Treasury should convert a portion of its 8,000 tons of gold into BTC to establish a strategic reserve for cryptocurrency.
She stated that the direct impact of this conversion on the U.S. government's balance sheet would be 'neutral,' rather than costing about $90 billion to purchase BTC at market prices.
Michael Saylor
Michael Saylor, founder of MicroStrategy and a Bitcoin bull, has led the way for publicly traded companies to adopt BTC as their primary treasury reserve asset, reaping enormous windfalls from it.
MicroStrategy holds 439,000 BTC, pushing the company's value beyond well-known firms like Nike and Starbucks. Saylor also tried to get Microsoft involved in this effort but failed; however, it was a good attempt.
Opposition restricting and obstructing cryptocurrency
SEC
In 2024, the U.S. Securities and Exchange Commission (SEC), under Chairman Gary Gensler, has gradually intensified its crackdown on cryptocurrency companies through lawsuits and enforcement actions, increasing uncertainty in the industry.
Gensler is set to resign in January. Gemini co-founder Tyler Winklevoss stated that no apology can 'erase' the damage done to the crypto industry by Gensler and his SEC.
UK FCA
The UK's Financial Conduct Authority continues to tighten control over the cryptocurrency industry—much like the U.S. Securities and Exchange Commission across the ocean—enforcing rules that local industry believes stifle innovation and push cryptocurrency companies to more favorable jurisdictions.
The FCA recently issued warnings against unauthorized platforms, such as the Solana-based memecoin project Retardio and the memecoin generator Pump.fun. Reportedly, both platforms offered financial services without appropriate authorization, and Pump.fun has been banned by regulators in the UK.
Sahil Arora
Sahil Arora, known as the Meme coin orchestrator, became infamous in 2024 for launching numerous celebrity-endorsed Meme coins, only to be loudly condemned by some of those celebrities.
Source: Caitlyn Jenner
He allegedly collaborated with celebrities such as Caitlyn Jenner, Rich the Kid, and Iggy Azalea to persuade them to promote Meme coins through social media. He reportedly sold off his holdings of each token before the price plummeted.
Biden administration's 'Bottleneck 2.0 Initiative'
Cryptocurrency advocates have long accused President Joe Biden's administration of a well-orchestrated conspiracy to isolate cryptocurrency from the banking system, referred to as the 'Bottleneck 2.0 Initiative.'
According to Marc Andreessen, co-founder of Andreessen Horowitz, over 30 cryptocurrency and tech founders in the U.S. have reportedly been denied banking services.
On November 27, Coinbase's Armstrong also joined the ranks of accusations, calling it one of the 'most unethical and un-American' things.
Dark Angels ransomware organization
The Dark Angels ransomware organization delivered a severe blow to the cryptocurrency industry in 2024, being considered one of the most active cybercrime organizations in the sector to date.
According to Chainalysis, the organization received the largest ransom of $75 million paid in BTC in July, marking a 96% increase in ransomware payments compared to 2023.
The organization targeted centralized cryptocurrency exchanges, exploiting rising cryptocurrency prices and increased trading volumes to create maximum impact.
Pig slaughter scam
Pig slaughter scams have become one of the most common forms of cryptocurrency-related fraud, with global victims losing over $75 billion.
These scams involve criminals establishing long-term, trust-based relationships online and ultimately coercing victims into fake cryptocurrency investment schemes.
On December 10, nearly 800 people were arrested in a raid in Lagos, Nigeria, on suspicion of involvement in crimes.
State-sponsored cybercrime
This year, state-sponsored cybercrime surged, with the notorious Lazarus Group linked to North Korea transferring over $1 million in Bitcoin in January after a period of silence.
Since 2017, the Lazarus Group has been linked to cryptocurrency thefts valued at over $3 billion, including the $600 million Ronin Bridge hack.
The Elliptic 2024 report also shows that AI-driven tools have facilitated state-sponsored cybercrime, resulting in deepfake promotions, ransomware attacks, and other types of scams.
In summary, 2024 has unfolded as a long tug-of-war between innovators, regulators, scammers, and nations.
Cryptocurrency is currently preparing for 2025, largely driven by the U.S. government's friendly commitment to cryptocurrency and hopes for continued institutional adoption.
