Pantera Capital Reviews 2025: US Crypto Policy Shifts And Structural Progress Amid Modest Price Gains

In Brief

Pantera Capital reported that 2025 saw structural and regulatory progress in the US crypto market, with policy reforms, institutional adoption, and legislative advances laying the foundation for long-term growth.

Institutional asset manager specializing in blockchain technology Pantera Capital released a review of developments in 2025, describing the year as one of exceptional structural progress despite more modest-than-expected price performance

The firm noted that, while Bitcoin’s post-election gains did not match earlier market optimism, the period marked a decisive shift in policy and regulatory conditions. According to Pantera Capital, the emergence of a pro-cryptocurrency US administration, leadership changes at key regulators, the rollback of restrictive custody guidance, the creation of a national digital asset reserve, and the dismissal of major enforcement cases collectively reshaped the operating environment

The review also highlighted legislative advances on stablecoins and market structure, growing institutional access through exchange-traded funds (ETFs) and public listings, increased tokenization of real-world assets (RWAs), and expansion in stablecoin supply. Pantera characterized 2025 as a foundational year that established the regulatory and market infrastructure needed for long-term growth, with further analysis of these policy shifts provided by the firm’s chief legal officer.

US Crypto Regulation Shifts Toward Clarity And Support As Policy Reforms Advance In 2025

In 2025, US cryptocurrency policy underwent a major shift, marked by a more supportive regulatory stance under Donald Trump administration. Early in the year, an executive order established a Presidential Working Group on Digital Asset Markets to review existing rules and recommend reforms, resulting in a comprehensive report that proposed clearer distinctions between securities and non-securities and outlined broad policy changes across market structure, stablecoins, banking, taxation, and illicit finance.

Regulators began implementing this new direction, with the SEC forming a dedicated cryptocurrency task force and later signaling that most digital assets are not securities. The agency outlined a revised framework that categorizes cryptocurrency assets into digital commodities, collectibles, utility-focused tokens, and tokenized securities, while withdrawing multiple high-profile enforcement cases against major industry participants. Guidance issued during the year clarified that certain stablecoins, memecoins, and staking activities do not fall under securities laws.

The regulatory environment also evolved in related areas, including increased acceptance of prediction markets and growing interest in tokenization of real-world assets, with traditional financial institutions exploring blockchain-based formats. On the legislative front, Congress passed the GENIUS Act, establishing the first federal framework for payment stablecoins, while broader market structure legislation advanced but remains under consideration.

Overall, 2025 set the foundation for a more defined and permissive US cryptocurrency regulatory framework, with expectations that further consolidation and comprehensive rules may emerge in 2026.

2025 Crypto Predictions Review Shows Mixed Market Outcomes And Strong Regulatory Progress

A review of eight cryptocurrency market predictions for 2025 indicated mixed accuracy across sectors. Growth in tokenized RWAs continued but fell short of expectations, remaining a modest share of onchain value, while Bitcoin-based financial activity exceeded forecasts as a growing portion of supply was used in staking, lending, and related services. Financial technology platforms emerged as major cryptocurrency access points, surpassing smaller exchanges in asset holdings, whereas Unichain did not achieve the anticipated dominance among layer-two networks.

Non-fungible token (NFT) use cases broadened into areas such as gaming, ticketing, and digital identity, though overall adoption remained constrained. Restaking protocols launched selectively and often diversified beyond their original designs, limiting impact. Zero-knowledge technologies for bringing off-chain data on-chain saw strong adoption and multiple live deployments. Regulatory conditions in the United States shifted in a more favorable direction, with enforcement actions winding down, clearer asset classifications advancing in Congress, and partial progress on tax and reporting guidance, collectively shaping a more supportive environment for digital assets.