Pantera Capital's 2025 review indicates that structural advancements in the cryptocurrency sector have outpaced price gains. Key developments include significant U.S. regulatory shifts, such as changes in SEC leadership and the revocation of SAB 121, which have enhanced the regulatory environment. Additionally, progress in capital gains tax clarity and stablecoin legislation has been noted. The review also highlights the introduction of Solana and XRP ETFs, Robinhood's tokenized stocks, and the growth of real-world assets (RWA) as pivotal in building long-term foundations for the industry. Furthermore, liquidity and crypto markets have shown steady improvements, with Coinbase's inclusion in the S&P 500 marking a significant milestone.