State of Crypto 2025: Year in Review
In 2025, significant developments shaped the landscape of cryptocurrency regulation and industry activity in the United States and globally.
Congress passed and the president signed the first major U.S. crypto legislation, including the GENIUS Act addressing stablecoins. Federal regulators reduced enforcement actions against crypto firms, focusing instead on increasing rulemaking efforts to bolster the industry.
Despite ongoing negotiations, the market-structure bill had not been enacted by the end of the year. The global regulatory environment became more complex, with more nations advancing digital-asset approaches, continued U.S. rulemakings, new licensing initiatives in the Middle East, and Russia refining its stance on crypto.
This evolving environment encouraged companies to launch new crypto products and services in the United States.
In the judicial sphere, notable cases included the ongoing appeal of Sam Bankman-Fried, the partial conviction and post-trial motions in Roman Storm’s case, and Do Kwon pleading guilty to certain charges. A small number of active cases remained unresolved.
This report marks the final edition of the State of Crypto for 2025.
