Crypto News – Will 2024 be a turning point for crypto? That’s what everyone is wondering.
Is 2024 a Miraculous Year for Crypto or a Curse?
Expected to be one of the most significant years ever for crypto, 2024 will hopefully bring a resolution to disagreements between the markets, the legal and regulatory environment, industry leaders, and the Web3 startup ecosystem. Of course, every upswing has its risks, so while there is a strong possibility that 2024 will end the crypto winter, it is also likely to take the industry to an even worse place. However, just as the future is not certain, the future of crypto is much less certain. This is causing investors and analysts to remain more positive.
With the potential to significantly increase the stability and reach of the cryptocurrency market, a few significant developments are the focus of attention. However, none of that impending development will matter unless cryptocurrency companies and startups are allowed to operate lawfully. For better or worse, 2024 appears set to finally offer some much-needed certainty to U.S. crypto policy, according to Miller Whitehouse-Levine, CEO of the crypto lobbying firm DeFi Education Fund.
There’s been a lot of action, but not a lot of decisions. But… a lot is coming to a head. Developments in the judiciary and in the executive are going to be extremely impactful next year.
Whitehouse-Levine
Coinbase’s Fight Against the SEC Will Be One of the Highlights of This Year
Among the pending cases for 2024, there are several notable highlights. Coinbase‘s legal challenge to the SEC’s refusal to clarify its rules on crypto is one. However, there is also a looming Supreme Court case that could see federal agencies, particularly the SEC, stripped of their ability to define their own authority. Moreover, Ripple‘s challenge to the SEC over the designation of numerous cryptocurrencies as securities is expected to be decided later this year.
The range of conceivable outcomes from those decisions that are still pending is enormous. According to Whitehouse-Levine, a large portion of the US cryptocurrency economy will fail if the IRS proceeds with its “broker” regulations, for instance, and the regulation passes judicial review.
That would pretty much cease development of decentralized systems in the U.S. completely,
Whitehouse-Levine
However, he notes that should Coinbase prevail in its legal battle with the SEC, Congress would probably be compelled to finally recognize the need for action and create an industry-specific regulatory structure.
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