The past two years, the crypto industry has been suffocated by the heavy regulation of the U.S. Securities and Exchange Commission. Back then, the situation could be described as "Schrödinger's compliance"—you never knew when your tokens would be classified as securities or when your business would come under scrutiny. How terrifying is this uncertainty? Traditional financial institutions lost interest in mergers and acquisitions because due diligence was impossible, valuation models couldn't be built, and legal risks loomed large.

But 2025 has changed everything. The Trump administration was replaced, and the SEC's attitude did a complete 180-degree turn. The new Acting Chair Mark Uyeda immediately established a Crypto Task Force, replacing enforcement with "dialogue." This is not just talk—SEC has indeed withdrawn a large number of lawsuits against leading exchanges like Coinbase and Ripple "with prejudice" (meaning they cannot be refiled). How does the market see this? It’s a clear signal that regulation is being "released."

There are also other positive developments happening simultaneously. The U.S. Office of the Comptroller of the Currency (OCC) approved national trust bank charters for BitGo and Circle at the end of the year, which means they can now directly access the Federal Reserve system. In July, the GENIUS Act, the first federal crypto legislation framework in the U.S., was also put on the agenda. With this series of actions, the crypto industry has shifted from being "greeted" to being "embraced," and the speed of this transformation is somewhat surprising.