I will remember 2024 as the year blockchain broke through. The transformations started early and just kept coming. What’s astounding to me is that at no time during this year did the overall direction or the market change. The only thing that happened was constant acceleration.

At the end of 2023, we already knew that 2024 was looking likely to turn out well. The European Union’s Markets in Crypto Assets (MICA) act was set to come into effect, creating a legal framework for crypto-assets, real-world assets, and stablecoins.

In January, the first Securities and Exchange Commission (SEC) decision officially approved the Bitcoin ETF, followed by Ethereum in May. By midyear, regulatory convergence worldwide was making crypto and digital assets more accessible than ever.

On November 6, the election impacted the blockchain landscape significantly, marking a pivotal shift in the industry's direction.

The U.S. landscape saw a transformation as it moved from a slow adopter to a leader in regulatory convergence. This year also witnessed a key federal appeals court ruling rejecting sanctions against Tornado Cash, which advocates say should be targeted at responsible individuals rather than the software itself.

However, despite the achievements, the blockchain industry has to be cautious of historical patterns of fraud and theft that could undermine progress. The end of 2024 signals promise, with an acceleration towards a revolutionary future for blockchain technology in 2025.

Disclaimer: These insights reflect personal views and do not represent those of EY.