2025 has become a turning point in crypto policy. The US Congress passed the first major crypto-related bill in history, which was also signed by the President. At the same time, federal regulatory agencies began to hold back, no longer frequently cracking down on crypto companies, but instead starting to formulate more rules to support the industry's development.

This shift has been anticipated for a long time. Regulations are becoming clearer, and the enthusiasm of institutional investors has noticeably increased. However, interestingly, this institutional enthusiasm has not directly driven up the prices of Layer 1 tokens. On the contrary, the performance of these L1 coins has been suppressed.

What do industry insiders think? They believe that although this is a clear progress, this "structural benefit" has not yet been reflected in the coin prices. But this is not a bad thing, because these policy foundations are paving the way for 2026. Real-world assets (RWA), stablecoins, and other elements may become the breakthrough points for crypto to truly land in the future.