As the year comes to a close, the final week for cryptocurrencies has been relatively quiet on the macro front, with Bitcoin‘s (BTC) price movements in futures markets not causing significant uproar despite $1000-1500 fluctuations. The year has been filled with approximately 169 impactful developments in the crypto space, many of which were shared with readers in real-time through COINTURK.
In the United States, potential presidential candidates have made numerous statements about cryptocurrencies throughout the year. Ron DeSantis, in particular, has expressed intentions to prohibit Central Bank Digital Currencies (CBDCs) due to their associated risks, should he become President.
A significant victory for Ripple occurred on July 13 when Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled in favor of Ripple’s institutional sales not being classified as securities, while exchange activities were excluded from this definition. This was a pivotal moment in the ongoing case since December 2020, followed by the SEC’s failed appeal and the decision not to pursue cases against Ripple executives. However, a collective appeal process is expected next year.
In March, amidst a financial crisis, the Federal Reserve stepped in to save banks once again. Nevertheless, according to an SVB report, 186 banks are on the brink of insolvency, with the potential to collapse if only half of their customers attempt to withdraw their funds, highlighting the inadequacy of their risk adjustments.
As a result of numerous lawsuits, the SEC has classified 68 cryptocurrencies as securities, with 23 new entries to the SEC’s list this year, including well-known tokens like BNB, SOL, ADA, MATIC, and MANA, following cases against Binance and Coinbase, bringing the total market value of these tokens to over $100 billion.
In the midst of regulatory turmoil, BlackRock made a bold move by filing for a spot Bitcoin ETF in June, a move that was difficult to comprehend given the chaotic environment. Now, multiple applications are anticipated to be approved by the SEC by January 10.