Top 5 Events That Will Shake Up the Cryptocurrency Industry in 2023

The year 2023 saw a series of events in the cryptocurrency industry that had a profound impact on the cryptocurrency landscape. From the start of the spot Bitcoin ETF boom to increased regulation of major cryptocurrency organizations, 2023 was a roller coaster ride for cryptocurrency enthusiasts and institutional investors alike. Here are the top 5 events that will shake the cryptocurrency industry to its core in 2023.

BlackRock Spot Bitcoin ETF Rocks Cryptocurrencies  MicroBT Miner

BlackRock, the world’s largest asset manager, was the first major traditional investment firm to apply for a spot bitcoin exchange-traded fund (ETF). BlackRock filed its spot Bitcoin ETF application on June 15, 2023 with the U.S. Securities and Exchange Commission (SEC).

Following the asset manager’s application, Grayscale, Ark Invest, WisdomTree, VanEck, and a number of other firms followed suit. Despite the ongoing delays in U.S. SEC approval, BlackRock used the time to amend its spot bitcoin ETF filing to include cash redemptions to improve the fund’s chances of approval.

Sam Bankman Fried Fraud Conviction.

Sam Bankman-Fried, founder and former CEO of failed cryptocurrency exchange FTX, was convicted on November 2, 2023 of all seven counts of fraud, conspiracy and money laundering.

The 31-year-old billionaire was unanimously convicted by a jury for embezzling billions of dollars in customer funds and defrauding lenders at subsidiary Alameda Research. bankman-Fried could face up to 115 years in prison. His sentencing date is set for March 28, 2024.

CZ’s Resignation from Coin Security Causes a Stir in the Cryptocurrency Community  Bitmain Miner

One of the most shocking events of 2023 was the official resignation of CoinSec’s founder, Changpeng Zhao, from his position as CEO of CoinSec on November 21, 2023, after he pleaded guilty to violating the law.

The former CEO of CoinSec admitted to violating U.S. anti-money laundering laws and resigned as part of a $4.3 billion settlement from the U.S. Department of Justice (DOJ).

CZ was also restricted from leaving the U.S. until the conclusion of the court case, as the court found that his vast resources made him a potential absconding risk, and returning to Dubai, which does not have an extradition treaty with the U.S., could complicate matters.

Total Cryptocurrency Market Capitalization Drops to $1.6 Trillion | Source: Tradingview.com

XRP Ruling in SEC Case

In a major victory in the three-year legal battle between Ripple and the SEC, U.S. District Judge Analisa Torres ruled in Ripple’s favor on July 13, 2023. The ruling declared XRP’s programmatic sales to be ineligible as securities.

The decision provides much-needed regulatory transparency for XRP, allowing the cryptocurrency to resume trading on the major cryptocurrency exchanges that delisted it during the SEC’s 2020 proceedings.

Grayscale and Coinbase Strongly Oppose SEC

August 29, 2023 – Grayscale, the world’s leading crypto asset manager, has won its lawsuit against the U.S. SEC. The Court of Appeals for the D.C. Circuit issued a final ruling to the regulator terminating the dismissal of the asset manager’s spot Bitcoin ETF application.

Similarly, Coinbase, one of the largest cryptocurrency exchanges in the U.S., filed a lawsuit against the SEC in April 2023, aiming to force the regulator to provide clarity to the cryptocurrency industry.

Subsequently, the SEC sued Coinbase on June 6, 2023, alleging that the cryptocurrency exchange violated securities laws by operating as an unregistered broker-dealer. As a result, Coinbase formally requested the court to dismiss the lawsuit filed against it by the SEC. However, the case is still ongoing.