3 Big Cryptocurrency Things to Watch Out for in 2024
As the crypto industry expands, the community stays on the lookout for significant events that can affect the growth trajectory of the ecosystem. From the look of things, 2024 happens to be full of them.
One such event is the creation and implementation of clear crypto regulations in major regions like the European Union. The crypto community is also watching out for the approvals of several Ethereum exchange-traded products and the jail sentencing of the FTX founder and former CEO, Sam Bankman-Fried (SBF), who perpetrated one of the largest financial frauds in modern history.
Europe’s MiCA Implementation
Years after the crypto industry’s incessant request for clear policies, the EU unveiled the Market in Cryptoassets (MiCA) regulation. This framework would set stringent rules to prevent the mass collapse of crypto firms, as seen last year.
The European Commission introduced MiCA in September 2020 following two years of groundwork. The rules seek to govern the issuance and provision of crypto services while protecting the sector from fraudulent activities.
The EU Parliament voted 517-38 in favor of the MiCA in April, while the EU Council, comprising 27 member states, unanimously approved the new licensing policy in May.
The regulation will be implemented in two stages: the stablecoin rules will come into effect on June 30, 2024, and the rest will be applied on December 30, 2024. Implementing the new regulations could encourage other regions to set clear laws for the crypto industry.
Ether ETF Approval
While the crypto industry anticipates the approvals of several spot Bitcoin exchange-traded funds (ETFs) by January, there is also an expectation of regulatory nods for Ethereum ETFs between February and May.
Several firms, including Ark Invest/21Shares, VanEck, Hashdex, Invesco/Galaxy Digital, and Grayscale Investments, have submitted applications with the U.S. Securities and Exchange Commission (SEC) to launch spot and mixed ETFs.
The approval of the products could give investors wider access to the Ethereum ecosystem, giving room for more fund inflows.
Another big thing to be excited about in 2024 is SBF’s sentencing scheduled for March. After roughly four hours of deliberations, a jury found the disgraced crypto mogul guilty of seven charges, including wire fraud, securities fraud, commodities fraud conspiracy, and money laundering conspiracy.
SBF commingled user assets and defrauded investors of billions of dollars while marketing his crypto empire as a haven for customers. FTX’s implosion in November 2022 triggered a contagion that dragged other firms to their demise. While the exchange searches for a suitable bankruptcy exit route, SBF faces a maximum of 115 years in prison.
If you want to see Bitcoin-centered big things to happen next year, please review this article.