The 2025 crypto cycle was driven less by speculative retail momentum and more by regulatory signaling, clearer rules, a pro-crypto presidency, and a more constructive stance from the SEC and CFTC. but unlike hype-fueled liquidity surges, regulatory progress delivers its benefits slowly, requiring time to translate optimism into real adoption and sustained market growth. The passage of the GENIUS Act last year demonstrates the tangible impact of regulatory clarity: stablecoin market capitalization expanded from roughly $200 billion to over $300 billion, while clear rules unlocked participation from major technology and financial institutions, triggering a new wave of institutional stablecoin issuance. Despite encouraging public signals, passage of a comprehensive crypto market structure bill is far from assured, industry insiders in Washington put the odds at only 50–60%, warning that the legislation’s complexity and exposure to politically sensitive issues could still derail it.(BloFin Research)