Crypto’s 2022 MVPs and Most Challenging Players: The 12 People Who Shaped the Industry

2022 – what a year for crypto! If you were in the digital asset space, you know it’s been a rollercoaster. We witnessed the dizzying highs of the 2021 bull run, hitting a collective market cap of $3 trillion, followed by a sobering crash back down to around $810 billion. Macroeconomic headwinds, inflation spikes, and global conflicts definitely played a role. But let’s be real, the crypto world also had its own internal dramas, with some major players facing serious troubles.

Amidst all this volatility, certain individuals stood out. Some navigated the storm with impressive skill, becoming beacons of stability. Others, unfortunately, contributed to the chaos, leaving a trail of disruption. So, who are these key figures? Let’s dive into the list of 12 individuals who undeniably shaped the crypto narrative in 2022, for better or for worse.

The Titans of Crypto: Navigating the Storm

While many faltered, these individuals demonstrated resilience and influence, even amidst market turmoil.

1. Changpeng Zhao (CZ) – The Binance Boss

In a year where crypto giants crumbled, Changpeng Zhao, or “CZ” as he’s widely known, steered Binance, his crypto exchange, through the turbulence. In fact, Binance played a significant role in the downfall of its competitor, FTX.

CZ’s approach has always been to operate globally, resisting being tied down by specific regulatory frameworks. This has drawn scrutiny from governments worldwide, who have consistently pressed Binance with regulatory inquiries. Yet, despite this pressure, Binance’s influence and reach have only expanded. While layoffs became common in the crypto winter, CZ proudly stated Binance avoided major staff reductions and even planned to expand its team.

CZ’s digital presence also exploded in 2022, amassing over 8 million followers on Twitter. Adding to his growing influence, the Canadian entrepreneur made a bold $500 million investment in Twitter itself.

CZ’s Impact in 2022:

• Maintained Binance’s stability and growth during a crypto downturn.
• Played a role in the FTX crisis.
• Increased global influence and Twitter presence.
• Continued expansion plans despite market conditions.

2. Brian Armstrong – Coinbase’s Captain Amidst Rough Seas

Coinbase CEO Brian Armstrong experienced a year of highs and lows. The company faced layoffs and a significant stock price decline. However, Armstrong remained a prominent voice in the industry.

Throughout the year, Armstrong has been a vocal critic of the United States Securities and Exchange Commission (SEC) and its chairman, Gary Gensler. He argued that the SEC’s stringent reporting demands are stifling innovation within the crypto space. He also publicly opposed the US Department of Treasury’s sanctions against Tornado Cash, a crypto privacy tool, even pledging to fund legal challenges against the government’s actions.

Armstrong further underscored his commitment to decentralization and transparency by announcing Coinbase would rather cease offering Ether staking than censor sanctioned Ethereum transactions. This stance resonated with the core principles of the crypto community.

Armstrong’s Key Actions in 2022:

• Navigated Coinbase through market downturn and layoffs.
• Critically engaged with the SEC and regulatory landscape.
• Advocated for decentralization and opposed censorship.
• Took a stand against sanctions on crypto tools.

The Regulatory Champions: Shaping Crypto’s Future in Washington

While regulatory uncertainty loomed large, these lawmakers stepped up to understand and shape the future of crypto regulation.

3 & 4. Senators Cynthia Lummis & Kirsten Gillibrand – The Pro-Crypto Duo

Senators Cynthia Lummis and Kirsten Gillibrand emerged as key figures in bridging the gap between crypto innovation and regulatory frameworks. They dedicated significant time to understanding the potential of blockchain technology and digital currencies.

Their landmark initiative, the Lummis-Gillibrand Responsible Financial Innovation Act, introduced earlier in the year, aimed to establish a comprehensive regulatory framework for digital assets. Addressing the SEC’s perceived lack of clarity, the bill proposed categorizing cryptocurrencies into commodities, securities, and ancillary assets.

The bill proposed assigning regulatory authority based on these categories, with the Commodity Futures Trading Commission (CFTC) overseeing commodities, and the SEC handling securities and ancillary assets. This bipartisan effort signaled a significant step towards regulatory clarity for the crypto industry in the US.

Lummis & Gillibrand’s Contributions:

• Introduced the Responsible Financial Innovation Act.
• Proposed a clear framework for crypto regulation.
• Addressed the SEC’s role and jurisdictional clarity.
• Showed bipartisan support for responsible crypto innovation.

5. Representative Tom Emmer – A Vocal Advocate in the House

Representative Tom Emmer has been another strong voice in Congress advocating for the crypto industry. He has been particularly critical of SEC Chair Gary Gensler’s regulatory approach, describing it as “indiscriminate and inconsistent.”

Emmer revealed that numerous crypto leaders have approached him since January, expressing concerns that Gensler’s reporting requirements are overly burdensome, unfair, and biased against the crypto market. He has been a proponent of regulatory certainty for blockchain entities, reintroducing the bipartisan Blockchain Regulatory Certainty Act.

This bill seeks to clarify that blockchain entities that do not hold consumer funds are not classified as money transmitters, providing much-needed legal clarity to ensure the crypto industry can thrive within American values. Emmer has also publicly called for Gensler to testify before Congress to explain his regulatory approach, especially in light of major crypto collapses like Terra/Luna, Celsius, Voyager, and FTX, which critics argue the SEC failed to foresee.

Emmer’s Advocacy for Crypto:

• Criticized SEC’s regulatory approach as inconsistent and harmful.
• Reintroduced the Blockchain Regulatory Certainty Act.
• Advocated for legal clarity for blockchain entities.
• Called for SEC Chair Gensler to testify before Congress.

Tech Innovators: Pushing the Boundaries of Blockchain

Despite market downturns, innovation continued to be a driving force in the crypto space. These individuals represent the technological advancements of 2022.

6. Ethereum Developers – The Masterminds Behind The Merge

After years of anticipation, Ethereum’s monumental transition to a proof-of-stake consensus mechanism, known as The Merge, was finally completed in 2022. This was a groundbreaking achievement, marking the first time a project of Ethereum’s scale successfully executed such a complex technical upgrade.

Over 100 developers collaborated to ensure the network’s shift from the energy-intensive proof-of-work to the more sustainable proof-of-stake was seamless. The Merge is expected to drastically reduce Ethereum’s energy consumption and pave the way for future scalability improvements. This collective effort by the Ethereum developer community was a testament to the power of open-source collaboration in the crypto space.

Ethereum Developers’ Achievement:

• Successfully executed The Merge, a historic upgrade for Ethereum.
• Transitioned Ethereum to a proof-of-stake consensus.
• Reduced Ethereum’s energy consumption significantly.
• Demonstrated successful large-scale open-source collaboration.

The Fallen Stars: Crypto’s Year of Reckoning

Unfortunately, 2022 also witnessed significant failures and scandals that shook the crypto world. These individuals are at the center of these controversies.

7. Sam Bankman-Fried (SBF) – The FTX Fall From Grace

Former FTX CEO Sam Bankman-Fried is synonymous with one of the most spectacular crypto collapses in recent history. The MIT graduate, once a celebrated figure in the industry, oversaw the dramatic downfall of FTX, a leading crypto exchange. Reports suggest he may have been unaware of the intricate financial dealings between FTX and Alameda Research, a trading firm closely linked to FTX and run by his associate Caroline Ellison.

SBF’s future became uncertain following his arrest in the Bahamas on December 12. Many are demanding accountability for him and his close associates, including Sam Trabucco, Gary Wang, Constance Wang, and Nishad Singh. Bankman-Fried was extradited to the United States on December 22 and released on a massive $250 million bail. The crypto community and beyond are now watching closely to see if SBF will face serious legal consequences for the FTX debacle.

SBF’s Role in the Crypto Crisis:

• Oversaw the collapse of FTX, a major crypto exchange.
• Faces allegations of mismanagement and potential fraud.
• Arrested and extradited to the US, facing legal proceedings.
• Represents a significant setback for crypto industry trust.

8. Do Kwon – The TerraUSD (UST) Architect of Disaster

Do Kwon, co-founder of Terra, is another figure whose actions had a devastating impact on the crypto market in 2022. Terra was designed to improve payment efficiency, and its algorithmic stablecoin, TerraUSD (UST), quickly gained popularity, attracting 40 million users and significant investment.

However, Terra’s collapse triggered a massive market downturn, wiping out an estimated $45 billion in crypto capital in just seven days. The crash severely impacted over 200,000 South Korean investors, leading to class-action lawsuits against Kwon. The South Korean government is pursuing criminal charges against him, and he faces legal action in the US and Singapore as well. Despite facing serious legal repercussions, Kwon has seemingly made little effort to evade authorities.

Do Kwon’s Impact on the Market:

• Engineered the Terra/UST ecosystem that collapsed spectacularly.
• Triggered a $45 billion market crash.
• Faces criminal charges and lawsuits in multiple countries.
• Represents the risks of algorithmic stablecoins and unchecked growth.

Looking Ahead: Lessons from 2022’s Crypto Influencers

2022 was a year of stark contrasts in the crypto world. We saw individuals who demonstrated leadership, innovation, and a commitment to the industry’s core principles. We also witnessed figures whose actions led to significant losses and damaged the reputation of the entire sector. The lessons from these “heroes and villains” of crypto in 2022 are crucial as the industry moves forward. Regulatory clarity, responsible innovation, and accountability are now more important than ever. As crypto continues to evolve, the impact of these individuals will undoubtedly shape its future trajectory.