1、 JULY 2025 The Road to Crypto Regulation Part 1:Cryptos Journey from Margins to Mainstream Part 1:Cryptos Journey from Margins to Mainstream Crypto has grown from a niche experiment to a$3 trillion industry commanding global regulatory attention.As crypto becomes increasingly intertwined with tradit

2、ional finance,governments worldwide are racing to establish frameworks that strike a balance between financial innovation,investor protection,financial stability,and national security.The path hasnt been straightforward,however.Crypto products and services dont fit neatly into conventional regulator

3、y boxes,forcing policymakers to grapple with fundamental questions:What is crypto?Is it a payment instrument,an investment product,a commodity,or a security?In what ways does the crypto market structure differ from that of traditional finance,and what does“same risk,same regulatory outcome”mean in p

4、ractice?How should guardrails be established through bespoke new legislation or by extending existing regulatory frameworks?This first chapter of Chainalysis Road to Crypto Regulation series provides a birds-eye view of where we stand today,examining 25 jurisdictions that account for 73%of on-chain

5、activity,to look at whats converging and where the gaps remain.Tracing the terrain The rapid adoption of crypto has pulled financial regulation along in its wake.Five years ago,policy efforts focused narrowly on financial integrity.Since then,the increased adoption and proliferation of chains,projec

6、ts,and use cases have led countries to consider broader guardrails that cover consumer protection and market integrity.High-profile failures such as Terra/Luna and FTX injected additional urgency into those efforts.International organizations including the Financial Action Task Force(FATF),the Finan