Q3 2025: Five stories that shaped cryptocurrency
Quarterly retrospective covering July 1–September 30, 2025. Dated September 30, 2025. Stories selected for market impact, regulatory significance, and consequences for cryptocurrency infrastructure.
1. The GENIUS Act becomes law
President Donald Trump signed the GENIUS Act on July 18, establishing a U.S. framework for regulating payment stablecoins. The White House described requirements covering reserve backing, disclosures, and compliance with lawful orders, making the legislation a major milestone for digital-dollar issuers and the institutions considering their use. Its importance extended beyond token trading to the potential role of stablecoins in payments and settlement. Enactment settled the bill’s legislative status, while implementation still required the relevant regulatory processes and preparation by affected businesses. Sources: White House signing notice, July 18, White House fact sheet.
2. Bitcoin reaches a new record above $124,000
Bitcoin traded above $124,000 on August 14 as institutional demand, corporate holdings, and expectations around U.S. interest rates helped sustain market enthusiasm. Contemporary reporting also captured a sharp reversal later in the session as inflation data challenged expectations of easier monetary policy. The combination made the day emblematic of the quarter: new highs reflected strong demand, but the market remained sensitive to economic news. The record was an intraday milestone, illustrating how quickly a bullish headline could coexist with a substantial pullback. Source: Cinco Días, August 14.
3. The SEC approves a streamlined route for commodity-based ETPs
On September 17, the SEC approved generic listing standards for commodity-based trust shares at three national securities exchanges, covering qualifying products that hold spot commodities including digital assets. Exchanges could list products meeting those standards without submitting an individual proposed rule change for each one. This changed the route to market for eligible cryptocurrency investment products and gave issuers a more predictable set of listing criteria. The approval streamlined a particular exchange-listing process; products still had to satisfy the applicable standards and other requirements. Source: SEC, September 17.
4. The SEC and Ripple dismiss their appeals
The SEC announced on August 7 that it and Ripple had filed a joint stipulation dismissing the agency’s appeal and Ripple’s cross-appeal, resolving the civil enforcement action. The district court’s final judgment remained in effect, including a $125,035,150 penalty and an injunction concerning securities-registration violations. Ending the appeals removed a major source of uncertainty from one of cryptocurrency’s most closely watched legal disputes. The outcome preserved the existing judgment, making the details of the resolution more significant than a simple description of either side winning outright. Source: SEC litigation release, August 7.
5. Bullish’s IPO extends the return of crypto companies to public markets
Crypto exchange operator Bullish began trading on the New York Stock Exchange on August 13 after pricing an offering of 30 million shares at $37 each, raising approximately $1.11 billion before expenses and any additional-share option. The listing followed Circle’s successful debut in the previous quarter and provided another test of public-market appetite for cryptocurrency businesses. Its significance was the renewed availability of equity financing for the sector and another route for investors to own a crypto-infrastructure company through conventional brokerage accounts. Sources: Bullish pricing announcement, August 12, Axios, August 13.