In 2023, the cryptocurrency industry witnessed a series of events that had a long-term impact on the cryptocurrency landscape. From the beginning of Spot Bitcoin ETF mania to the increasing tightening of regulations for major cryptocurrency organizations, 2023 has been nothing short of a roller coaster ride for cryptocurrency enthusiasts and institutional investors alike. Here are the top five events that will shake the cryptocurrency industry to its core in 2023.
Blackrock Spot Bitcoin ETF Shakes Up Crypto
The world’s largest asset management company, black stone It is the first major traditional investment firm to apply for a spot Bitcoin exchange-traded fund (ETF). BlackRock submitted the application. Spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC) June 15, 2023.
Depending on the application for asset management, various companies grayscaleArk Invest, WisdomTree, Van Eck, and others followed suit. Despite ongoing approval delays from the US SEC, BlackRock used the time to revise its Spot Bitcoin ETF filing. cash repayment To increase the fund’s chances of being approved.
Sam Bankman – Fry Fraud Convicted
Founder and former CEO of failed cryptocurrency exchange FTX Sam Bankman-Fried On November 2, 2023, he was found guilty on all seven charges, including fraud, conspiracy, and money laundering.
The 31-year-old billionaire was unanimously found guilty. jury It is accused of misappropriating billions of dollars in customer funds and defrauding lenders to its subsidiary, Alameda Research. Bankman-Fried potentially has up to 115 years in prison. His sentencing is scheduled for March 28, 2024.
CZ’s resignation from Binance has thrown the cryptocurrency community into confusion.
One of the most shocking events of 2023 is that Binance’s founder Zhao Changfeng He officially stepped down as CEO of Binance on November 21, 2023.
Former Binance CEO plead guilty He was charged with violating U.S. anti-money laundering laws and resigned as part of a $4.3 billion settlement with the U.S. Department of Justice (DOJ).
CZ has also been restricted from leaving the United States until the court case is over because the court believes his enormous resources make him a potential flight risk. And returning to Dubai, which does not share an extradition treaty with the United States, could spell trouble.
Total market cap draws down to $1.6 trillion | Source: Crypto Total Market Cap on Tradingview.com
XRP Ruling in SEC Case
Ripple won a major victory in a three-year legal battle between the US SEC. Judge Analisa Torres ruled in favor. Ripple’s ruling on July 13, 2023. The ruling declared that programmatic sales of XRP do not qualify as securities.
This decision provides much-needed regulatory clarity for XRP, allowing the cryptocurrency to resume trading on major cryptocurrency exchanges where it was delisted during the XRP period. SEC’s 2020 lawsuit.
Grayscale and Coinbase’s Anger at the SEC
August 29, 2023 World’s best cryptocurrency asset manager Grayscale wins the lawsuit In a case against the U.S. SEC, the DC Circuit Court of Appeals issued a final ruling ordering the regulator to end its denial of asset management. Spot Bitcoin ETF Application.
In a similar sense, coinbaseone of the largest U.S. cryptocurrency exchanges, filed a lawsuit against the SEC in April 2023 in an attempt to force the regulator to provide regulatory clarity to the cryptocurrency industry.
After that, SEC sues Coinbase On June 6, 2023, it was alleged that the cryptocurrency exchange violated securities laws by operating as an unregistered broker. Accordingly, Coinbase officially requested the following from the court: fire SEC’s argument regarding this. However, the case is still ongoing.
Featured image from University of California, chart from Tradingview.com
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