Counting 14 Cryptocurrency Supporters and Blockers in 2024

Author: Josh O'Sullivan, CoinTelegraph; Compiler: Deng Tong, Golden Finance

As 2024 comes to a close, the cryptocurrency space has had a big year for those who have been both enablers and hinderers in the space. One side embraces the technology and wants to push it forward, while the other side still hasn’t embraced it or is giving crypto a bad name.

This article highlights seven crypto movers and seven blockers who have had a significant impact on the development of cryptocurrencies this year.

Fundamentalists who support cryptocurrencies

Donald Trump

US President-elect Donald Trump has emerged as an advocate of Bitcoin and cryptocurrencies this year, proposing the creation of a Bitcoin reserve and promising that the United States will become the "cryptocurrency capital" of the world.

His speech at the Bitcoin 2024 conference in Nashville was a pivotal moment in his campaign for cryptocurrency policy, as he changed the political narrative about BTC.

That's a huge shift from his 2021 outlook. At the time, he said Bitcoin was "like a scam" and "didn't like it because it was another currency that competed with the U.S. dollar."

Nayib Bukele

President Nayib Bukele of El Salvador has supported the adoption of cryptocurrencies by continuing BTC’s status as a legal tender and through blockchain in its economy.

In a $1.4 billion loan deal with the International Monetary Fund (IMF), Bukele's government agreed to abandon some of the Bitcoin activities it had been conducting, but the National Bitcoin Office said it would "continue to purchase one Bitcoin per day."

Hester Peirce

SEC Commissioner Hester Peirce, known as “Crypto Mom,” has been praised by the cryptocurrency community for her resistance to the agency and her advocacy for clarity on how digital assets will be treated.

Peirce pushed for reforms within the SEC to develop policies that support the cryptocurrency industry’s long-term growth and unlock its potential innovation.

Brian Armstrong

Coinbase boss Brian Armstrong has been at the forefront of the 2024 wave of cryptocurrency support, engaging with lawmakers on cryptocurrency issues and increasing support for cryptocurrencies in the United States, United Kingdom and Australia through the Stand With Crypto lobbying group.

Coinbase has also been locked in a legal battle with the SEC, and recently tried to push cryptocurrency companies to stop working with law firms that employ former SEC litigators.

Vitalik Buterin

Ethereum co-founder Vitalik Buterin continues to push the boundaries of blockchain capabilities and further advance decentralization and cryptographic innovation.

From proposing modifications to Web3 wallets to improve security and privacy to defending against quantum computers that could break encryption, Buterin has been promoting cryptography and ways to protect it in the financial sector this year.

Senator Cynthia Lummis

Senator Cynthia Lummis has been a strong supporter of cryptocurrencies on Capitol Hill, proposing the idea of ​​a U.S. government BTC investment strategy and advocating for BTC in mainstream policy discussions.

In November last year, Lummis said the U.S. Treasury Department should convert some of its 8,000 tons of gold holdings into BTC to build a strategic reserve of the cryptocurrency.

She stated that the direct impact of the switch on the U.S. government balance sheet would be "neutral" rather than spending approximately $90 billion to purchase BTC at market prices.

Michael Saylor

MicroStrategy founder and Bitcoin bull Michael Saylor has led the way in how public companies are adopting BTC as their primary treasury reserve asset and reaping huge windfalls from it.

MicroStrategy has 439,000 BTC, which is driving the company’s value beyond well-known companies like Nike and Starbucks. Saylor also tried and failed to get Microsoft in on the action, but it was a good try.

Opposition to Limit and Hinder Cryptocurrencies

SEC

In 2024, the U.S. Securities and Exchange Commission (SEC), under the leadership of Chairman Gary Gensler, gradually increased its crackdown on cryptocurrency companies through lawsuits and enforcement actions, adding to the uncertainty in the industry sex.

Gensler will resign in January. Gemini co-founder Tyler Winklevoss said that no apology can “undo” the damage Gensler and his SEC have done to the crypto industry.

UK FCA

The U.K.'s Financial Conduct Authority also continues to tighten controls over the cryptocurrency industry - much like across the pond in the U.S. Securities and Exchange Commission - enforcing rules that the local industry says stifle innovation and push crypto companies into friendlier jurisdictions district.

The FCA has recently issued warnings against unauthorized platforms such as Solana-based memecoin project Retardio and memecoin generator Pump.fun. Pump.fun was banned by regulators in the UK after the two platforms allegedly offered financial services without proper authorization.

Sahil Arora

Known as the meme coin mastermind, Sahil Arora gained notoriety in 2024 by launching a meme coin endorsed by numerous celebrities, and then loudly condemned by some of them.

Source: Caitlyn Jenner

He allegedly worked with celebrities such as Caitlyn Jenner, Rich the Kid and Iggy Azalea to convince them to promote Meme coins through social media. He then allegedly sold his share of each token before prices plummeted.

Biden Administration’s “Operation Bottleneck 2.0”

Those in the cryptocurrency space have long accused President Joe Biden’s administration of an orchestrated plot to isolate cryptocurrencies from the banking system, known as “Operation Bottleneck 2.0.”

More than 30 cryptocurrency and tech founders in the United States have reportedly been denied access to banking services, according to Andreessen Horowitz co-founder Marc Andreessen.

On November 27, Coinbase’s Armstrong also joined the chorus of accusations, calling this one of the “most immoral and un-American” things to do.

Dark Angels ransomware group

The Dark Angels ransomware group has dealt a serious blow to the cryptocurrency industry in 2024 and is considered one of the most active cybercriminal groups in the industry to date.

According to a report by Chainalysis, the group received the largest ransom paid in BTC, $75 million, in July, marking a 96% increase in ransomware payments compared to 2023.

The group is targeting centralized cryptocurrency exchanges, taking advantage of rising cryptocurrency prices and increased trading volumes to have maximum impact.

Pig killing plate scam

The scam has become one of the most common forms of cryptocurrency-related fraud, with victims losing more than $75 billion worldwide.

These scams involve criminals establishing long-term, trust-based relationships online and ultimately forcing victims to participate in fake cryptocurrency investment schemes.

On December 10, nearly 800 people were arrested on suspicion of involvement in crimes during a raid in Lagos, Nigeria.

state-sponsored cybercrime

State-sponsored cybercrime has surged this year, with the notorious Lazarus Group linked to North Korea moving more than $1 million in Bitcoin in January after a period of silence.

The Lazarus Group has been linked to more than $3 billion worth of cryptocurrency thefts since 2017, including the $600 million Ronin Bridge hack.

The Elliptic 2024 report also shows that AI-powered tools fuel state-sponsored cybercrime, leading to deep fake promotions, ransomware attacks, and other types of scams.

All in all, 2024 begins a long tug-of-war between innovators, regulators, fraudsters and the state.

Cryptocurrencies are currently gearing up for 2025, driven in large part by the U.S. government’s commitment to being crypto-friendly and the hope of continued institutional adoption.