12 Major Crypto Issues in 2025…Trump Policies, Bitcoin (BTC) Record Highs, and Large-Scale Hacks
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- The 2025 virtual asset market saw expanded structural volatility due to U.S. policy changes and moves to integrate crypto into the regulatory mainstream, including the push for a Bitcoin (BTC) reserve policy.
- Regulatory environment changes occurred rapidly, with the U.S. Securities and Exchange Commission (SEC) relaxing listing standards for crypto ETFs and the conclusion of the Ripple lawsuit.
- Major negative events such as a massive exchange hack, a deleveraging crisis, and abrupt stock price swings emerged as significant risks to the market.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
The 2025 virtual asset (cryptocurrency) market is regarded as a year with more concentrated, significant issues than usual, as policy changes, record highs, and major incidents followed one another. Amid a shift toward pro-crypto stances in U.S. politics and moves to bring crypto into the regulatory mainstream, the market structure itself was greatly shaken.
On the 25th (local time), according to crypto media The Block, U.S. President Donald Trump issued a full pardon for Ross Ulbricht shortly after taking office, accommodating a symbolic demand of the crypto industry. He then officially announced the establishment of a Strategic Bitcoin Reserve, promoting a national reserve policy based on approximately 200,000 Bitcoin (BTC) held by the government. The Treasury and Commerce Departments were also instructed to devise ways to acquire additional Bitcoin.
On the legislative front, the U.S. House advanced the GENIUS Act, a stablecoin regulatory bill, and the CLARITY virtual asset market-structure bill, and the GENIUS Act was actually enacted into law. The U.S. Senate eliminated IRS reporting requirements related to DeFi, partially easing the industry's regulatory burden.
Alongside regulatory changes, financial products rapidly expanded. The U.S. Securities and Exchange Commission (SEC) relaxed listing standards for virtual asset exchange-traded funds (ETFs), accelerating the launch of spot ETFs for Solana (SOL) and XRP. The long-running lawsuit between Ripple and the SEC was also concluded, effectively confirming XRP's legal status.
There were large internal market movements. Ultra-long-term holders who had held Bitcoin since the Satoshi era sold en masse, releasing billions of dollars worth of supply into the market. Meanwhile, Strategy (formerly MicroStrategy) increased its Bitcoin holdings to more than 3% of total supply, establishing itself as a leading digital asset treasury (DAT) company.
Negative incidents also occurred in succession. In February, the largest-ever exchange hack occurred at Bybit, with more than $1.4 billion in Ethereum (ETH) stolen. In October, a major deleveraging event led to more than $20 billion in positions being liquidated, and Binance compensated $283 million related to the de-pegging of some products.
Other developments—such as meme coin controversies, issuance of politician-linked tokens, sharp swings in crypto company stock prices, and the rapid cooling of the DAT craze—followed, making 2025 a year in which policy, market, and technological risks surfaced simultaneously.
