2025

The Clarity Act, officially titled the Digital Asset Market Clarity Act of 2025 (H.R. 3633 in the 119th Congress), is a major bipartisan U.S. legislative effort to create the first comprehensive federal regulatory framework specifically for digital assets (primarily cryptocurrencies and tokens, excluding stablecoins which were addressed in the separate GENIUS Act of 2025).
Introduced on May 29, 2025, by House Financial Services Committee Chairman French Hill (R-AR) and co-sponsored by a mix of Republicans and Democrats, the bill passed the U.S. House of Representatives on July 17, 2025, with strong bipartisan support (a 294-134 vote). It was then sent to the Senate, where it has been under consideration but faced delays and revisions.
Core Purpose and Why It Matters
For years, the U.S. crypto industry has operated in regulatory uncertainty due to overlapping (and sometimes conflicting) authority between the Securities and Exchange Commission (SEC) — which treats many tokens as securities — and the Commodity Futures Trading Commission (CFTC) — which views assets like Bitcoin as commodities. This has led to enforcement actions rather than clear rules, creating a "regulation-by-enforcement" environment that many in the industry criticize.
The Clarity Act aims to end this gray zone by:
Clearly dividing jurisdiction between the SEC and CFTC.
Providing registration pathways and rules for crypto intermediaries (exchanges, brokers, dealers).
Closing the "spot market gap" where non-security digital asset spot trading lacked dedicated oversight.
Balancing innovation, investor protection, and U.S. competitiveness in digital finance.
It also includes provisions related to anti-CBDC measures (prohibiting the Federal Reserve from issuing or using central bank digital currency for certain purposes without congressional approval) and affirms individuals' rights to self-custody their digital assets.
Key Provisions
Definitions and Classification
Introduces "digital commodity" as a new category: a digital asset whose value derives from a blockchain network (e.g., Bitcoin, Ethereum post-decentralization).
Excludes securities, derivatives, stablecoins, tokenized real-world assets, or NFTs/collectibles.
"Mature blockchain systems" (sufficiently decentralized) qualify digital commodities for lighter treatment.
Jurisdictional Split
CFTC gets exclusive jurisdiction over spot (cash) markets for digital commodities, including registration and oversight of:
Digital commodity exchanges (DCEs)
Digital commodity brokers (DCBs)
Digital commodity dealers (DCDs)
SEC retains authority over primary market offerings (e.g., initial sales as investment contracts) and certain activities on SEC-registered platforms (like broker-dealers or national securities exchanges).
Dual registration is allowed for some entities, with rules to avoid duplicative burdens and require conflict-of-interest policies.
Capital Raising and Secondary Markets
Creates tailored SEC exemptions for projects raising funds via digital commodities (with disclosures based on blockchain maturity).
Secondary trading of digital commodities (even if initially sold as investment contracts) is generally not treated as securities sales, allowing freer trading on compliant platforms.
Intermediary Requirements
Registration, customer asset segregation, qualified custodians, AML/KYC under the Bank Secrecy Act, disclosures, chief compliance officers, and anti-fraud/manipulation rules.
Provisional/expedited registration during implementation.
Banks can engage more directly (e.g., custody, trading) without certain balance sheet penalties.
Other Elements
Exempts certain DeFi activities and non-controlling blockchain developers.
Federal preemption over some state securities laws for digital commodities.
Joint SEC-CFTC rulemakings on mixed transactions and other details.
Current Status (as of January 20, 2026)
The bill passed the House in July 2025 and was received in the Senate in September 2025, referred to the Senate Banking, Housing, and Urban Affairs Committee.
Senate versions/builds (e.g., discussion drafts from Banking and Agriculture Committees) have incorporated elements but introduced changes (e.g., on DeFi carve-outs, token definitions, stablecoin overlaps).
A key Senate Banking Committee markup session scheduled for mid-January 2026 was postponed amid industry pushback (including from major players like Coinbase, who withdrew support over certain provisions seen as too restrictive or favoring SEC authority). No new date has been set, creating short-term uncertainty.
Progress could resume with amendments or reconciliation, but delays risk stalling before the 2026 midterms or requiring carryover to the next Congress.
If enacted, the Clarity Act would mark a shift from enforcement-heavy regulation to a structured, innovation-friendly framework — potentially boosting institutional adoption while enhancing protections. For now, it remains one of the most watched pieces of crypto legislation, with its fate hinging on Senate negotiations in the coming weeks/months.

#DigitalMarket #ACT #CongressCryptoWeek #2025 #TrendingTopic

TLDR:
Major technical upgrades like Parallel Execution slashed block times and spiked daily users.Meme mania on Four.meme propelled BNB Chain to No. 1 in DEX volume.BNB smashed a $1,370 all-time high, fueled by burns and gasless stablecoin utility.
While 2024 was about recovery and laying foundations, 2025 will be remembered as the year BNB Chain reasserted its dominance.
From technical breakthroughs that pushed the boundaries of L1 speed to a cultural renaissance led by a viral meme season, the ecosystem saw significant changes in 2025.
This year, the "Yellow Chain" proved it could handle more than just retail trading, transforming into a high-performance hub for artificial intelligence (AI), decentralized finance (DeFi), and sub-second transactions.

Multiple Major BNB Chain Upgrades
Technically, 2025 was the most ambitious year in BNB Chain’s history. The network successfully executed a series of hard forks — Lorentz in April and Maxwell in June — which paved the way for the Fermi initiation late in the year.
These weren't just routine maintenance; they were fundamental changes in how the chain handles data, specifically through the introduction of "Super Instructions" and Parallel Execution (BEP-7928).
By implementing BEP-7928, the network transitioned from sequential transaction processing to a parallelized model, allowing multiple smart contracts to execute simultaneously. This was further optimized by Super Instructions, a set of pre-compiled commands that reduced computational overhead for complex DeFi and AI transactions.
The results were immediate. Block times were slashed from 3 seconds to 0.75 seconds (and soon to 0.25 seconds).
Source: CoinMarketCap
This technical prowess translated into massive adoption:
Peak Daily Users: The network hit a yearly record of 4.8 million daily active users in December.Throughput: The chain consistently handled over 15 million daily transactions, with a theoretical capacity targeting 20,000 TPS.Gas Fees: Average fees plummeted by 98%, often sitting at a negligible 0.05 gwei.

Meme Mania: The "Four" Revolution
If technical upgrades were the engine, "meme season" was the fuel.
In October 2025, the BNB Chain ecosystem experienced a speculative boom that rivaled the heights of 2021. At the center of this movement was Four.meme, a native launchpad that briefly flipped Solana’s Pump.fun in 24-hour revenue.
For the first time in years, BNB Chain became the No.1 layer 1 by DEX volume, surpassing both Ethereum and Solana during the October peak.
Key tokens like BinanceLife (币安人生), which saw a staggering 113,000% gain, and 4 (4) (inspired by CZ’s iconic gesture), became the darlings of on-chain degens.
This meme rush onboarded over 100,000 new traders in a single week, proving that BNB Chain’s liquidity remains some of the deepest in the industry.

BNB Smashed $1,000
The most visible milestone of the year was the price of BNB (BNB) itself.
After trending up through the three-digit range for years, BNB finally shattered the psychological barrier of $1,000 and culminated in a new all-time high of $1,370 in October.
Source: BNB Coin Page
Several factors fueled this meteoric growth:
Supply Crunch: The 30th to 33rd quarterly token burns collectively destroyed over 6.25 million BNB (~$5.37 billion), significantly reducing the circulating supply.Launchpool Dominance: A record-breaking number of projects launched through the Binance ecosystem, requiring users to stake BNB, effectively locking up millions of tokens.Increased Utility: The expansion of the Binance Web3 Wallet made BNB indispensable for millions, whereas “gas-free” stablecoin transfers acted as a hook for mass onboarding.

Aster Launch Fueled Perp Frenzy
One of the most talked-about project launches of 2025 was Aster, a cross-chain perpetual DEX designed to bring CEX-like speed to the blockchain.
Backed by heavy social media support from CZ, Aster quickly became BNB Chain’s “killer app,” surpassing 2 million users and hitting almost $2.5 billion in total value locked (TVL).
Source: DefiLlama
But the journey wasn't without turbulence. The platform’s native ASTER (ASTER) token faced extreme volatility, leading to community backlash as prices dipped during broader market corrections.
Despite the drama, CZ remained a vocal supporter.
Whether it becomes the "Hyperliquid of BNB Chain" or a cautionary tale is still up for debate.

The 0 Fee Era
In a move to capture the global payments market, BNB Chain introduced the "0 Fee Carnival" for USD Coin (USDC) and World Liberty Financial USD (USD1) transfers. By subsidizing gas costs for stablecoin transactions, the network effectively turned itself into a free, high-speed global payment rail.
This initiative is part of the broader "Yellow Season" roadmap and was designed to bridge the gap between traditional finance and Web3.
The program has been extended multiple times and was recently extended to Jan. 31, 2026.
Source: BNB Chain
It successfully attracted real-world asset (RWA) partners and boosted stablecoin volume on the chain to over $30 billion weekly, and helped more than double the stablecoin supply on BNB Chain in 2025.
Overall, the initiative showed that while low fees are good, zero fees are transformative for mass adoption.

Honorable Mentions
While the headlines were dominated by BNB surpassing $1,000 and the meme coin mania, several other stories also shaped the year:
MVB Season 8 & 9: The Most Valuable Builder program funneled millions in grants to AI-driven DApps and decentralized science (DeSci) projects.Bitcoin Staking Integration: BNB Chain successfully integrated with protocols like Babylon, allowing Bitcoin (BTC) holders to earn yield directly within the BNB ecosystem.The Yellow Season Roadmap: The official unveiling of a multi-year plan to reach 1 billion users and gasless infrastructure.Binance Compliance Milestone: The lifting of several regulatory monitors provided a green light for institutional capital to enter the BNB ecosystem.AI Agent Proliferation: The launch of Synap and other AI agents that can execute on-chain transactions autonomously for users.

BNB Chain in 2025 Recap
This year, BNB Chain proved it could innovate as fast as it could scale. From the sub-second blocks of the Fermi era to the cultural dominance of the Four.meme season, the network has matured into a multi-pronged powerhouse.
With BNB hitting record highs and the ecosystem pivoting toward a gasless future, the momentum is undeniable.

Source: Binance News / Bitdegree / #CoinMarketCap

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#Binance #BNBChain #blockchain #2025 $BNB

I spent some time going through the Binance Research full-year report on 2025 and the outlook for 2026, and one thing is very clear to me: crypto quietly grew up in 2025.
2025 felt like the year crypto stopped trying to impress and started proving itself.
What stood out most was the industrialization of crypto. Activity didn’t disappear when speculation cooled, it normalized. Bitcoin’s price moved higher even as base-layer transactions stabilized. That decoupling matters. It tells me BTC is now behaving less like a niche tech experiment and more like a macro asset, something institutions allocate to, not just trade.

The data backs that up. Bitcoin held around 58–60% dominance all year, ETF inflows crossed $21B, and corporate andinstitutional holdings passed 1.1M BTC. Liquidity and velocity moved off-chain into ETFs and custody, while BTC increasingly functioned as sovereign-grade collateral. That’s a big shift.

On the application side, the numbers surprised even me.
Stablecoins processed $33 trillion in annual transaction volume, almost double Visa. That alone reframes stablecoins from “crypto tooling” to global settlement infrastructure. Their velocity compared to fiat is staggering, and the rise of multiple $1B+ stablecoins shows this is no longer a one-issuer story.
DeFi also had its “blue-chip moment.” Top protocols generated $16.2B in revenue, more than Nasdaq and CME combined. That’s not hype, that’s cash flow. Even more interesting was the RWA flippening, where tokenized real-world assets surpassed DEX TVL for the first time. DeFi collateral is becoming more stable, more institutional, and more productive.
From my perspective, BNB Chain quietly became one of the most complete ecosystems in 2025. Supporting 15–18M daily transactions on the retail side while onboarding institutional RWAs like BlackRock’s BUIDL fund isn’t easy. The “barbell strategy” worked: mass-market usage on one end, production-grade finance on the other.

So what does this unlock for 2026?
To me, the themes are clear:
🔥Crypto becomes adoption-led, not narrative-led
🔥Stablecoins evolve into the default access layer
🔥Value capture shifts toward apps that own users (wallets, prediction markets, aggregators)
🔥AI and agentic finance start handling execution, not just analysis
🔥Institutions move from testing to deploying
This isn’t a price call. It’s a structure call.
2025 separated what sounds good from what actually scales. If 2026 builds on this foundation, crypto looks less like a speculative market and more like a real financial system integrating with the global one.
If you care about where crypto is really going, this report is worth reading:
https://cf-workers-proxy-exu.pages.dev/en/research/analysis/full-year-2025-and-themes-for-2026/
Curious how others here see it and what 2025 signal mattered most to you?
#Binance #BinanceResearch #2025