2025 will be a pivotal year for the US crypto industry. From the beginning to the end of the year, a series of regulatory measures are brewing or about to be implemented, directly impacting the direction of the entire ecosystem.

In January, the Senate planned to hold hearings on the Crypto Market Structure Act. Once passed, this bill will clarify the respective responsibilities of the SEC and CFTC, representing a "certainty" that the industry has been calling for over the years. At the same time, the SEC is considering launching an "Innovation Exemption" mechanism, which means giving startups a way out to reduce their compliance pressure.

In mid-May, the Federal Reserve Board's leadership will change, and how the current monetary policy stance evolves has become a focus of market attention. July will see two major events: the official implementation of California's Digital Financial Assets Law, requiring institutions doing crypto business in California to obtain licenses; and the deadline of July 18th for submitting final regulations related to stablecoins, covering issuance, capital requirements, compliance, and more.

August's focus shifts to tax and derivatives rules, with small-scale taxable transactions involving stablecoins possibly becoming a discussion point. By mid-November, the results of the midterm elections could alter the entire pace of crypto legislation.

The industry generally expects the US to move toward establishing a unified and transparent crypto regulatory system, and the developments in these months will determine the industry's landscape.