February has been an eventful month for the crypto industry, with major policy changes and growing Bitcoin adoption.
SEC Decisions Impact the Crypto Space
In February, the U.S. Securities and Exchange Commission (SEC) paused or dropped six major legal proceedings against crypto firms such as Coinbase and Uniswap. This was a result of the new task force led by crypto-friendly Commissioner Hester Peirce. Discussions to fine-tune rules on staking and exchange-traded products (ETPs) are underway.
Bitcoin Decentralization Accelerates
New reports show that the Bitcoin network is decentralizing rapidly. The share of global hashrate from the U.S. and China has declined, with 28 countries now holding more than 0.1% of global hashrate. Major interest in Bitcoin comes from governments, financial institutions, and individual investors who hold 70% of coins.
Largest Exchange Hack to Date
On February 21, North Korean hacker group Lazarus stole $1.4 billion in Ether from the Bybit exchange, marking a new record for the largest crypto hack. This amount surpasses all of 2024's hacks combined.
February has been a significant month for the crypto sector, with important events in both legal and technical areas. The future will show what impact these events have in the long run.
