Second, regulatory clarity is driving institutional investment into public blockchain technology. It can be easy to forget, but until this year the U.S. government had outstanding investigations and/or lawsuits with many leading firms in the crypto industry, including Coinbase, Ripple, Binance, Robinhood, Consensys, Uniswap, and OpenSea. Even today, exchanges and other crypto intermediaries operate without clear spot-market guidelines.
This ship has slowly been turning. In 2023, Grayscale won its lawsuit against the SEC (Securities and Exchange Commission), which paved the way for spot crypto exchange-traded products (ETPs). In 2024, Bitcoin and Ether spot ETPs came to market. In 2025, Congress passed the GENIUS Act on stablecoins and regulators shifted their approach toward crypto, working with the industry to provide clear guidance while continuing to focus on consumer protection and financial stability. In 2026, Grayscale expects Congress to pass bipartisan crypto market structure legislation, which will likely cement blockchain-based finance in U.S. capital markets and facilitate continued institutional investment (Exhibit 4).$SOL
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