State of Crypto: Year in review

How did 2025 shingle retired for crypto?

Dec 27, 2025, 3:00 p.m.

A batch happened successful argumentation tied to crypto this year. Congress passed — and the president signed — the archetypal large portion of crypto authorities successful U.S. past this year. Federal regulators person dramatically scaled backmost their enforcement actions against crypto companies portion announcing much rulemaking efforts aimed astatine bolstering the industry. Companies themselves person felt much emboldened to motorboat caller products and services successful the U.S.

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The narrative

Last year, CoinDesk's argumentation squad explained what we'd beryllium looking for successful 2025. Here's however we did.

Why it matters

This is the last variation of this newsletter for 2025. A batch happened, and intelligibly we'll each beryllium engaged good into 2026.

Breaking it down

On Dec. 31, 2024, I wrote that, "it seems beauteous apt the bureau whitethorn displacement however it approaches aboriginal lawsuits against crypto manufacture participants. Less wide is however the bureau mightiness grip its ongoing cases against companies similar Coinbase, Binance, Binance.US, Kraken and others. No lawyer seems to deliberation the SEC volition outright disregard these cases."

The SEC has dismissed the immense bulk of the cases it pursued past year.

Other tribunal cases mostly played retired arsenic expected; Sam Bankman-Fried's entreaty is ongoing, Roman Storm's lawsuit ended successful a partial condemnation with post-trial motions inactive ongoing, Do Kwon pleaded blameworthy to immoderate charges and determination are inactive a tiny fig of progressive cases we're tracking.

Jesse Hamilton noted that portion Congress would enactment connected legislation, "Bottom line: Post-election excitement often settles into a why-is-this-taking-so-long vibe."

While the GENIUS Act addressing stablecoins became instrumentality — confirming Cheyenne Ligon's investigation arsenic good — the continuing negotiations implicit the much important marketplace operation measure bears Jesse's investigation out.

The regulatory satellite has gotten vastly much analyzable arsenic acold arsenic integer assets go, successful the consciousness that an expanding fig of nations are advancing their approaches toward integer assets. That ranges from rulemakings successful the U.S. to caller licenses being issued successful the Middle East to Russia's evolving attack toward integer assets.

This week

• Happy caller twelvemonth everybody!

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See ya’ll adjacent week!

Hong Kong regulators people 2026 authorities for virtual plus trader and custodian rules

The FSTB and SFC concluded consultations connected virtual regimes and program to present caller measure to LegCo adjacent year.