On November 1, 2024, notable developments in the cryptocurrency space included asset manager 21Shares filing to list a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This application follows a similar effort by Bitwise in October. Although the SEC has approved various spot Bitcoin and Ethereum ETFs this year, it has not yet ruled on XRP applications amid ongoing litigation with Ripple Labs. In Eastern Europe, decentralized finance (DeFi) activities were highlighted by a Chainalysis report indicating over $499 billion worth of cryptocurrency transactions between July 2023 and June 2024, with DeFi accounting for roughly 33% of the total. Meanwhile, crypto gaming platform Immutable received a Wells notice from the SEC, which typically signals possible enforcement action related to its IMX token from 2021. Immutable plans to contest the allegations. Multiple firms, including OpenSea and Uniswap, have received Wells notices this year, pointing to increasing regulatory scrutiny in the sector.

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