In 2025, major economies shifted from restrictive bans to integrated frameworks, marking a significant regulatory milestone for cryptocurrencies. Legislative actions in countries like the United States have redefined the global regulatory landscape for digital assets. Despite advancements in regulation and innovation, the crypto market faced three severe stress tests, highlighting its vulnerabilities. The industry continues to grapple with inherent volatility, technical flaws, speculative leverage, and policy dependencies, posing ongoing risks.