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, was the first major traditional investment firm to apply for a Spot Bitcoin Exchange Traded Fund (ETF). BlackRock submitted its application for a to the United States Securities and Exchange Commission (SEC) on
Following the asset management firm’s application, various companies like , Ark Invest, WisdomTree, , and others followed suit. Despite consistent approval delays by the US SEC, BlackRock utilized the time to revise its Spot Bitcoin ETF filing, incorporating to improve the fund’s approval odds.
Sam Bankman-Fried Fraud Conviction
Founder and former CEO of failed crypto exchange, FTX, 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 for misappropriating billions of dollars of customer funds and defrauding lenders to subsidiary company, Alameda Research. Bankman-Fried could potentially face a maximum of 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, officially stepping down from his role as the CEO of Binance on November 21, 2023.
The former Binance CEO 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:
XRP Ruling In SEC Case
Coming as a major victory in a three-year-long legal battle between Ripple and the SEC, US District 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
Grayscale And Coinbase Rage Against The SEC
On August 29, 2023, world-leading crypto asset management company 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
On a similar note, , 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 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 the SEC’s case against it. However, the case is still ongoing.