Xin Lang Cai Jing·2026-01-10 11:13Core Insights - 2025 is marked as a pivotal year in financial history, transitioning the digital asset industry from the periphery to the core, and from speculation to institutionalization [2] - The market is experiencing a correction after a strong performance in 2024, with Bitcoin underperforming compared to traditional asset classes, but the establishment of infrastructure and regulatory frameworks lays a solid foundation for recovery in 2026 [2] - The year is characterized by unprecedented legislative breakthroughs in major economies, particularly in the U.S., ending a decade of regulatory ambiguity [2] Regulatory Framework: Three Major Acts Defining Global Compliance - The U.S. "GENIUS Act" establishes strict rules for the stablecoin market, requiring 100% reserve backing and prohibiting interest, thereby reinforcing the dollar's dominance [4] - The "CLARITY Act" creates a new category of "digital commodities," allowing certain tokens to be reclassified and granting exclusive regulatory authority to the CFTC over the digital commodity spot market [5] - The resolution of legal issues surrounding Binance and its founder, CZ, signifies a shift in regulatory attitudes, moving from conflict to compliance [7] Emergence of New Trading Categories: Three New Financial Instruments - Circle's IPO on June 4 marks a significant merger of crypto and traditional finance, with its stock price experiencing extreme volatility and raising concerns about its business model's sustainability [8] - The rise of prediction markets and tokenized stocks demonstrates the integration of blockchain technology into traditional financial systems, with significant trading volumes reported [9] - The adoption of Bitcoin as a reserve asset by 142 publicly traded companies, including MicroStrategy, highlights a growing trend in corporate treasury management [10] Crisis Moments: Three Major Events Testing Industry Resilience - The launch of the $TRUMP token raises ethical concerns regarding conflicts of interest and market manipulation, reflecting the intersection of politics and crypto [12] - A significant security breach resulted in over $3.4 billion in theft, showcasing vulnerabilities in the industry and the challenges of regulatory enforcement [13] - A market crash on October 10 led to over $19 billion in liquidations, illustrating the high leverage and sensitivity of the crypto market to macroeconomic sentiments [14] Conclusion - The year 2025 represents a critical transition for the crypto industry, establishing a legal framework that integrates digital assets into the dollar-centric financial system [15] - The exploration by companies like MicroStrategy and Circle serves as a model for the industry, while the emergence of prediction markets showcases the transformative potential of blockchain technology [15] - Despite regulatory advancements, the industry remains susceptible to volatility and risks, emphasizing the need for ongoing vigilance and adaptation [15]