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<p class="is-style-lead">Samer Hasn, market analyst at asset broker XS Group, expects greater regulatory oversight in 2024. And that’s a good thing for investors, he tells crypto.news.</p>
<p>“What we witnessed with Changpeng Zhao being convicted and stepping down from Binance management will not just stop [there],” he says. “Rather, it may make the market more compliant and transparent, which may contribute to paving the way for more confidence among lawmakers and law enforcement authorities in the U.S.”</p>
<p>Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), as the largest crypto entity in the world, will likely be subject to dual oversight for years by the U.S. Department of Justice and the Department of the Treasury, Hasn adds. That, in turn, will “allay fears of market manipulation.”</p>
<p>You might also like: <a href="https://crypto.news/changpeng-zhao-resigns-as-chair-of-binance-us/" rel="noopener noreferrer nofollow"> Changpeng Zhao resigns as chair of Binance.US </a></p>
<h2 class="wp-block-heading" id="crypto-concerns">Crypto concerns</h2>
<p>One issue that has plagued the crypto sector is the fact that digital assets are a currency of choice for <a href="https://crypto.news/u-s-house-committee-to-probe-cryptos-role-in-illicit-activities/" data-type="link" data-id="https://crypto.news/u-s-house-committee-to-probe-cryptos-role-in-illicit-activities/" rel="noopener noreferrer nofollow">illicit activity</a> such as money laundering and tax evasion, Hasn explains. The heightened scrutiny comes as law enforcement agencies continue to call out companies for weak control procedures.</p>
<p>“This is what many analysts and prominent figures in this sector see,” Hasn adds, citing how Coinbase CEO Brian Armstrong recently spoke out against the “bad actors” in the crypto market.</p>
<p>Armstrong also <a href="https://crypto.news/coinbase-ceo-thinks-binance-settlement-is-good-for-crypto/" data-type="link" data-id="https://crypto.news/coinbase-ceo-thinks-binance-settlement-is-good-for-crypto/" rel="noopener noreferrer nofollow">addressed</a> Binance’s $4.3 billion settlement with regulators, calling it a way to “turn the page as an industry and recognize that building a company offshore [and] skirting regulation is just not going to work.”</p>
<p>“The legal action against Binance has closed that chapter in crypto history,” Hasn says. “I also believe that these measures may enhance investor confidence and reduce their fears of huge collapses similar to what <a href="https://crypto.news/ftx-founder-sam-bankman-fried-is-guilty-to-all-charges-crypto-community-reacts/" data-type="link" data-id="https://crypto.news/ftx-founder-sam-bankman-fried-is-guilty-to-all-charges-crypto-community-reacts/" rel="noopener noreferrer nofollow">happened</a> in FTX, with more oversight of the markets.”</p>
<h2 class="wp-block-heading" id="what-s-next-for-crypto">What’s next for crypto</h2>
<p>In other corners of the sector, plenty of loose ends remain. Anticipation for the U.S. Securities and Exchange Commission (SEC) to approve 13 spot Bitcoin ETF exchange-traded funds (ETFs) filings continues to build. Among the issuers are <a href="https://crypto.news/bloomberg-blackrock-and-grayscale-meeting-with-sec-about-bitcoin-etf-issuance/" rel="noopener noreferrer nofollow">BlackRock</a>, <a href="https://crypto.news/bitwise-invest-amends-bitcoin-etf-filing/" rel="noopener noreferrer nofollow">Bitwise</a>, <a href="https://crypto.news/van-eck-bitcoin-etf-sec-decision/" rel="noopener noreferrer nofollow">VanEck</a>, <a href="https://crypto.news/wisdomtree-makes-an-amendment-to-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">WisdomTree</a>, <a href="https://crypto.news/sec-accepts-bitcoin-etf-applications-from-blackrock-fidelity-galaxy-digital/" rel="noopener noreferrer nofollow">Fidelity</a>, <a href="https://crypto.news/valkyries-mcclurg-expects-spot-bitcoin-etf-approval-in-november-2023/" rel="noopener noreferrer nofollow">Valkyrie</a>, <a href="https://crypto.news/sec-spot-bitcoin-etf-applications-nydig-global-x/" rel="noopener noreferrer nofollow">Global X</a>, <a href="https://crypto.news/sec-postpones-hashdexs-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">Hashdex</a> and <a href="https://crypto.news/franklin-templeton-joins-bid-for-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">Franklin Templeton</a>.</p>
<p>As the new year approaches, [Bitcoin’s] first days will be of great importance to investors,” Hasn says, citing the dates of Jan. 5 and Jan. 10 for when Bloomberg analysts expect a “window” for possible SEC approval.</p>
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   <p lang="en" dir="ltr">Window is officially Jan 5th to Jan 10th. Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. Mark your calendars people. <a href="https://t.co/8ob8Y6pgU5" target="_blank" rel="noopener noreferrer nofollow">https://t.co/8ob8Y6pgU5</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1730606890319532389?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 1, 2023</a>
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<p>“Although the approval to launch these ETFs is still pure hope and nothing more, and the authority still has room for further procrastination, the markets seem to be clinging to this hope, which was reflected in more Bitcoin rises to the highest levels this year,” Hasn says.</p>
<p>Bitcoin surpassed the $39,000 mark on Saturday, Dec. 2. By Sunday, 9 a.m. EST, it reached $39,684.40.</p>
<p>Read more: <a href="https://crypto.news/embracing-institutions-today-will-keep-defis-tomorrow-on-track-opinion/" rel="noopener noreferrer nofollow"> Embracing institutions today will keep defi’s tomorrow on track | Opinion </a></p>

Convicting Zhao is just the beginning as crypto confidence hinges on greater oversight, analyst says

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