Year in Review: Major U.S. Crypto Legislation and Regulatory Developments in 2025
In 2025, the U.S. Congress passed and the president signed the first major piece of crypto legislation in the country's history: the GENIUS Act, which addresses stablecoins. This regulatory milestone coincided with a shift in federal regulatory approaches, as agencies scaled back enforcement actions against crypto companies while increasing efforts in rulemaking to support industry growth.
U.S. companies responded by launching a broader array of crypto products and services amid these evolving policies. Despite regulatory relaxation in enforcement, several high-profile cases persisted. Notably, Sam Bankman-Fried's appeal remained ongoing; Roman Storm's case concluded with a partial conviction followed by post-trial motions; and Do Kwon pleaded guilty to some charges. A small number of active cases still remain.
The Securities and Exchange Commission dismissed the majority of its enforcement actions carried over from the prior year. Meanwhile, negotiations continued on a broader market-structure bill, with debates expected to extend further. Globally, the regulatory landscape grew more complex as different nations advanced digital asset policies including U.S. rulemakings, Middle East licensing initiatives, and Russia's evolving approach.
This summary marks the final State of Crypto newsletter edition for 2025, with more regulatory and market activity anticipated in 2026.
