State of Crypto: 2025 in review
2025 saw major U.S. crypto legislation passed, reduced SEC enforcement, and increased global regulatory complexity.Summary
The year 2025 was significant for cryptocurrency policy, marked by the passage and signing of the first major U.S. crypto legislation, the GENIUS Act concerning stablecoins. Federal regulators scaled back enforcement actions while focusing on new rulemaking to support the industry, emboldening companies to launch new products. In legal matters, the SEC dismissed the vast majority of its previous lawsuits, though ongoing cases against major exchanges like Coinbase and Binance continued. While legislative progress occurred, negotiations on market structure bills remained complex. Globally, the regulatory landscape became more intricate, with various nations advancing their digital asset approaches, from new licensing in the Middle East to evolving rules in Russia. Despite these structural and institutional wins, Layer-1 token performance was largely stagnant or negative in 2025.
(Source：CoinDesk)