Major Crypto Developments in 2023

The digital currency space presented a series of events and developments last year that will continue to resound over time. Among these occurrences, Ripple's victory over the United States Securities and Exchange Commission (SEC) and FTX's former CEO, Sam Bankman-Fried's legal troubles stood out.

In addition, the spot BTC ETF filings by leading US asset managers like BlackRock also created a huge buzz across the crypto space. Let's review the highlights.

Key Developments in the Crypto Sphere Last Year

Ripple's victory last year sparked hope among market participants after US Judge Analisa Torres' ruling that favored XRP as a non-security.

The judge's decisions paved the way for XRP's relisting on major trading platforms, including Coinbase, which had previously delisted the digital asset in 2020.

Another vital case was BlackRock's launch into the digital currency space with a spot Bitcoin ETF filing in June last year, including the Ethereum ETF that was later added on November 15. However, not all the events were positive.

The case of Sam Bankman-Fried (SBF), FTX founder and ex-CEO, following the exchange's implosion in late 2022, was one of the negative events.

SBF got entangled in legal troubles as a jury delivered multiple charges about his fraudulent acts on November 2, 2023, to which he pleaded guilty. Besides the case of SBF, the founders of SafeMoon, a renowned meme crypto, appeared on the radar of the United States Department of Justice (DoJ).

The individuals Thomas Smith, John Karony, and Kyle Nagy were charged and arrested on November 1 for illicit acts, including money laundering, conspiracy, and fraud, after creating a Ponzi scheme that rid millions of investors of their funds.

Russia and Saudi Arabia Challenges US Dollar Dominance

The global economic space also witnessed transformative shifts in 2023, with Russia challenging the US dollar's dominance. In March, Russia adopted the Chinese yuan for trade settlements with Asian, Latin American, and African countries instead of the US dollar.

Notably, this geopolitical move aimed at reducing the dollar's supremacy had ripple effects, with the Chinese yuan making history by surpassing the US dollar as the most used currency in cross-border settlements in China.

Also, Saudi Arabia, the world's largest oil exporter, entered a trade alliance with Pakistan, India, China, Russia, and other nations. This alliance sought to reduce reliance on the US dollar and promote the use of local currencies and digital assets, reflecting a broader trend toward economic diversification and decentralization.

Additional Developments Within the Crypto Industry

Amid these geopolitical shifts, the crypto community received surprising statements from unexpected quarters. Federal Reserve Chair Jerome Powell, in a departure from traditional central banking narratives in late December, acknowledged stablecoins as a form of money.

Powell also emphasized the need for regulatory oversight, particularly for stablecoins, signaling a potential evolution in the Federal Reserve's stance towards the crypto market.

Also, Binance, one of the world's leading cryptocurrency exchanges, experienced a significant shakeup following loggerheads with global regulators.

Changpeng CZ" Zhao, the founder and CEO of Binance, agreed to resign as part of a settlement with US authorities over violations of international anti-money laundering provisions.

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