The year 2025 witnessed a record spike in blockchain-specific mentions within regulatory filings submitted to the SEC, hitting about 8,000 references by August and maintaining a steady plateau through November.
Bitcoin has been the central driver of this increase, commanding the largest share of activity. This reflects the continuous stream of filings and amendments for spot Bitcoin ETFs, building on the successful introduction of multiple such products at the start of 2024.
While mentions of ICOs and general cryptocurrency themes have waxed and waned, the steadfast focus on Bitcoin points to its established role as the primary on-ramp for institutional capital seeking a clear regulatory path.
This surge coincided with concrete policy progress that provided a more operable landscape. In the US, the key action was the passage of the GENIUS Act, establishing a complete regulatory regime for stablecoins with requirements for reserves, disclosure, and a choice between federal and state supervision.
