Top 5 Events That Shook Up The Crypto Industry In 2023
January 02 2024 - 4:00PM
NEWSBTC
In the year 2023, the crypto industry witnessed a series of events
that left a long-lasting impact on the crypto landscape. From the
start of the Spot Bitcoin ETF mania to the increase in regulatory
enforcement on major crypto organizations, 2023 was nothing short
of a rollercoaster ride for crypto enthusiasts and institutional
investors alike. So here are the top 5 events that shook the crypto
industry to its core in 2023. Blackrock Spot Bitcoin ETF Rocks
Crypto The world’s largest asset management company, BlackRock was
the first major traditional investment firm to apply for a Spot
Bitcoin Exchange Traded Fund (ETF). BlackRock submitted its
application for a Spot Bitcoin ETF to the United States Securities
and Exchange Commission (SEC) on June 15, 2023. Related
Reading: Crypto Expert Shares Ultimate Crypto Portfolio Guide To
Make It In 2024 Following the asset management firm’s application,
various companies like Grayscale, Ark Invest, WisdomTree, VanEck,
and others followed suit. Despite consistent approval delays by the
US SEC, BlackRock utilized the time to revise its Spot Bitcoin ETF
filing, incorporating cash redemptions to improve the fund’s
approval odds. Sam Bankman-Fried Fraud Conviction Founder and
former CEO of failed crypto exchange, FTX, Sam Bankman-Fried was
found guilty of all seven counts of fraud, conspiracy, and money
laundering on November 2, 2023. The 31-year-old billionaire
was convicted unanimously by the jury for misappropriating billions
of dollars of customer funds and defrauding lenders to subsidiary
company, Alameda Research. Bankman-Fried could potentially face a
maximum of 115 years in prison. His sentencing date is scheduled
for March 28, 2024. CZ Resignation From Binance Causes A Stir
In Crypto Community One of the most shocking events of 2023, saw
the founder of Binance, Changpeng Zhao officially stepping down
from his role as the CEO of Binance on November 21, 2023. The
former Binance CEO pleaded guilty to breaking US anti-money
laundering laws and resigned as part of a $4.3 billion settlement
by the United States Department of Justice (DOJ). CZ has also been
restricted from leaving the United States until his court case is
over as the court believes his vast resources make him a potential
flight risk. And returning to Dubai which does not share an
extradition treaty with the US could make things problematic. Total
market cap draws down to $1.6 trillion | Source: Crypto Total
Market Cap on Tradingview.com XRP Ruling In SEC Case Coming as a
major victory in a three-year-long legal battle between Ripple and
the SEC, US District Judge Analisa Torres ruled in favor of Ripple
on July 13, 2023. The ruling declared that programmatic sales of
XRP did not qualify as a security. This decision offered
much-needed regulatory clarity for XRP, enabling the cryptocurrency
to resume trading on major crypto exchanges that had delisted it
during the SEC’s 2020 lawsuit. Grayscale And Coinbase Rage Against
The SEC On August 29, 2023, world-leading crypto asset management
company Grayscale won its lawsuit against the US SEC. The D.C.
Circuit Court of Appeals gave a final ruling to the regulatory
agency to terminate its rejection of the asset management’s Spot
Bitcoin ETF application. Related Reading: Crypto Analyst Says
History Shows What Might Be Next For Bitcoin, But Is It Good Or
Bad? On a similar note, Coinbase, one of the largest US crypto
exchanges, filed a lawsuit against the SEC in April 2023 aiming to
compel the regulator to provide regulatory clarity for the crypto
industry. Subsequently, the SEC sued Coinbase on June 6,
2023, alleging that the crypto exchange had violated securities
laws by operating as an unregistered broker. As a result, Coinbase
formally requested the court to dismiss the SEC’s case against it.
However, the case is still ongoing. Featured image from University
of California, chart from Tradingview.com
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024