Crypto didn’t just have a good year in 2025. It thrived in ways that would have seemed like wishful thinking only a couple of years ago when banks shunned it as a liability, and Gary Gensler’s Securities and Exchange Commission pursued what felt like a scorched-earth campaign.

The industry got virtually everything it had spent years lobbying for: an end to regulation-by-enforcement; the first major federal crypto bill—the stablecoin-focused GENIUS Act—signed into law; a Strategic Bitcoin Reserve, committing the U.S. government to hold the asset; and openly pro-crypto leadership installed at both the SEC and the CFTC.

In one of the clearest signs of the wind change, JPMorgan CEO Jamie Dimon, who for years…