In 2025, the cryptocurrency industry finally bid farewell to a decade-long “gray area.” From the enactment of US federal-level legislation to the full implementation of the EU’s MiCA regulation, and from listed companies stockpiling crypto to the breakout of prediction markets, every critical turning point was marked by clear policy milestones and data. This article, drawing on authoritative sources such as Crypto.com, RootData, and official SEC documents, helps you understand this industry restructuring driven by policy, capital, and key figures.

I. The Year of Policy: Two Core US Bills and MiCA Define Global Compliance Boundaries (Includes Clear Timeline)

2025 has been dubbed the “constitutional moment” for crypto regulation within the industry. The implementation of three landmark policies has fundamentally rewritten the development logic of the global crypto industry. These policies not only clarify regulatory red lines but also directly influence the flow of trillions in capital.

1. US “GENIUS Act”: July 18th Sets Stablecoin Rules

On July 18th, President Trump formally signed the U.S. Stablecoin National Innovation Act (the “GENIUS Act”), establishing the first federal-level regulatory framework for the US stablecoin market. Core provisions include: 1) Requiring stablecoin issuers to maintain 100% reserve coverage, limited to highly liquid assets like US dollar cash and short-term US Treasuries; 2) Explicitly prohibiting stablecoins from paying interest, preventing their use as “shadow banking” tools; 3) Delineating regulatory authority—the Office of the Comptroller of the Currency (OCC) oversees non-bank issuers, while traditional banks remain under existing frameworks. The Act also clarifies that stablecoins are neither securities nor commodities, ending the long-standing debate over their classification.

The direct impact of this Act was immediate. According to Crypto.com data, as of December 2025, the market share of compliant US stablecoins (represented by USDC) surged to 67% from 42% pre-Act, while the US circulation share of the previously dominant USDT dropped to 23%. Circle CEO Jeremy Allaire’s net worth consequently rose, increasing by 149% since Circle’s listing on the NYSE in June, making him one of the Act’s biggest beneficiaries.

2. US “CLARITY Act”: Advancing in 2025, Ending Regulatory “Civil War”

If the GENIUS Act governs the “payment layer,” then the Digital Asset Market Clarity Act (“CLARITY Act”), still under Senate review, targets the core issue of asset classification. The Act for the first time creates a new category of “digital commodity,” encompassing assets deeply integrated with blockchain systems whose value derives from system usage. More crucially, it specifies that tokens passing a “decentralization test” can transition from the “security” category to “digital commodity,” and grants the Commodity Futures Trading Commission (CFTC) exclusive regulatory authority over the spot market for digital commodities.

Although the Act has not yet formally taken effect, the market is already positioning ahead. According to a joint statement released by the SEC and CFTC on September 2nd, the two agencies have launched a “Crypto Sprint” inter-agency collaboration plan to pave the way for compliant trading post-enactment. RootData shows that in the second half of 2025, crypto projects labeled as “meeting the digital commodity definition” raised $4.72 billion in financing, a 312% year-on-year increase, highlighting capital’s pursuit of compliant avenues.

3. EU MiCA Regulation: Full Effect in 2025, One Authorization for EU-Wide Operation

Core provisions of the EU’s Markets in Crypto-Assets Regulation (MiCA) took effect from December 23, 2024, with full implementation occurring throughout 2025, making it the world’s most comprehensive crypto regulatory framework. During 2025, the EU further issued multiple supplementary rules: complaint handling procedure standards (RTS 2025/293) on February 13th, environmental sustainability disclosure requirements (RTS 2025/422) effective March 31st, and conflict of interest disclosure rules (RTS 2025/1141) clarified on June 10th, forming a regulatory system covering the entire chain of issuance, trading, and custody.

As of December 2025, EU member states like the Netherlands and Germany have cumulatively issued over 40 Crypto-Asset Service Provider (CASP) licenses, enabling “one authorization, EU-wide operation.” However, transition periods differ among member states; countries like Sweden ended their transition period on September 30th, while others extended it to July 2026, leading to brief compliance arbitrage opportunities within the EU.

II. Data Insights: 708M Users, $22.7B Funding, Industry Shows Three Structural Shifts

The clarification of policies directly spurred structural changes in industry data. The following core data, sourced from annual reports by authoritative institutions like Crypto.com and RootData, clearly outline the true picture of the 2025 crypto industry.

1. User Base: Global Crypto Holders Reach 708 Million, BTC Holders Exceed 50%

According to Crypto.com‘s H1 2025 Cryptocurrency Market Size Report released in August, the global number of cryptocurrency holders grew from 681 million at the start of the year to 708 million by the end of June, a 4.0% increase in six months. Among them, Bitcoin holders reached 354 million, accounting for 50.1% of total global users; Ethereum holders stood at 160 million, representing 22.7%. Notably, users holding BTC and ETH via US spot ETFs numbered between 300,000 and 1.3 million, becoming a primary channel for institutional entry.

2. Primary Market: Funding Increases 120%, Capital Concentration Intensifies

RootData statistics show that the crypto primary market completed $22.73 billion in financing in 2025, a 120.6% increase from 2024, but the number of funding events was only 933, down 40.3% year-on-year. This indicates accelerated capital concentration towards leading projects: prediction market platforms Polymarket and Kalshi raised a combined $3.635 billion, the perpetual DEX sector raised $460 million, while the funding environment for early-stage small and medium projects continued to deteriorate. Additionally, merger and acquisition events reached 173, a 57.2% year-on-year increase, hitting a record high, signaling a明显加快 acceleration in industry consolidation.

3. Public Companies Stockpiling Crypto: 142 Companies Involved, MicroStrategy Still Leads

The “Bitcoin Reserve Strategy” pioneered by Michael Saylor became an industry standard in 2025. According to Sina Finance reports, 142 publicly listed companies globally have incorporated cryptocurrency into their core treasury assets, with 76 new additions in 2025, 89% of which are US-listed companies. As the leader, MicroStrategy (MSTR) held 671,268 Bitcoins as of December 30, 2025, accounting for 68.7% of the total held by global public companies. Its market capitalization was $44.7151 billion, down from its June peak of $113.5721 billion. Saylor’s personal wealth also fluctuated with the market; the Bloomberg Billionaires Index shows his net worth decreased by $2.6 billion over the past 12 months to $3.8 billion.

III. Key Player Dynamics: The Annual Pivot from Regulatory Confrontation to Compliance Cooperation

Another major highlight of the 2025 crypto industry was the shift in the relationship between key figures and regulators from confrontation to reconciliation, injecting stability into the industry’s outlook.

1. Changpeng Zhao (CZ): SEC Drops Charges on May 30th, Receives Presidential Pardon in October

After a three-year tug-of-war, on May 30, 2025, the US SEC formally dismissed its lawsuit against Binance and its founder Changpeng Zhao (CZ), explicitly stating it was “with prejudice” (cannot be refiled), marking the resolution of the core dispute between Binance and US regulators. More symbolically, on October 23rd, President Trump signed a pardon for CZ’s 2023 criminal conviction related to “Anti-Money Laundering program failures,” with the White House Press Secretary stating plainly that “the Biden administration’s war on cryptocurrency is over.” Influenced by this, Binance was exceptionally active in 2025’s crypto primary market M&A activities, with RootData listing it as one of the year’s most influential investment institutions. As of early 2025, CZ’s net worth, though down 5%, remained at $50.9 billion, keeping him firmly among the crypto industry’s wealthiest.

2. Jeremy Allaire: Leads Circle to IPO in June, Becomes Biggest Winner of the Compliance Era

On June 4th, USDC issuer Circle listed on the NYSE (ticker: CRCL), becoming the first crypto enterprise to join a mainstream exchange following the GENIUS Act’s enactment. Its IPO price was $31, doubling to $69 on the first day’s open, and peaking at $298 before settling at $81 by year-end amid expectations of Fed rate cuts, still delivering substantial returns to early investors. As CEO, Allaire’s net worth grew by 149% post-listing, making him one of the fastest-growing fortunes among crypto executives in 2025. More importantly, Circle received conditional approval from the OCC at year-end to establish a “First National Digital Currency Bank,” allowing it to hold reserves directly with the Federal Reserve, completely eliminating reliance on third-party banks.

IV. 2026 Outlook: Three Certain Trends and Risk Warnings

Based on 2025’s policy and data trends, clear directions for the industry’s future are emerging: 1) Following the CLARITY Act’s enactment, institutional allocation demand for digital commodity-class assets will further unlock; 2) Compliant new categories like tokenized stocks and prediction markets will continue to explode—Robinhood data shows its platform’s prediction market trading volume doubles quarterly, reaching 2.5 billion contracts in October; 3) Global regulatory coordination will strengthen, with the FATF’s “Travel Rule” implemented in more countries, increasing compliance costs for crypto service providers.

Risks remain significant: As the Fed’s rate-cut cycle begins, profits for companies like Circle reliant on reserve asset interest income will face pressure; varying implementation of MiCA across EU member states may trigger cross-border compliance arbitrage; furthermore, geopolitical tensions could still cause sharp volatility in crypto asset prices.

What are your thoughts on the development of the crypto industry in 2026? Are you optimistic about the explosion of new compliant categories, or more concerned about the pressures of tighter regulation? We welcome your views in the comments section!