Crypto regulation in the US has been a major talking point in 2025. There had been hopes that regulation would finally get the clarity many had been hoping for. So far, there has been a lot of movement at the SEC and on the regulatory front but it appears that every step forward is followed by two steps back.

Bitwise CIO Matt Hougan worries Congress might mess up key crypto regulations at the last moment. The GENIUS Act, once a bipartisan stablecoin win, lost critical support due to concerns about Trump’s role in crypto. This could stall other crypto bills too.

Still, Hougan believes crypto can hit new highs, with bitcoin possibly soaring past $200K, if Congress passes stablecoin and market structure bills. “The next weeks are critical,” he said.

“Legislation failure could mean a tough summer for crypto, but success could spark an unstoppable bull run.”

A positive announcement did materialize today however, with New Hampshire becoming the first U.S. state to approve a “Strategic Bitcoin Reserve” bill, allowing its treasury to invest in digital assets.

Other states, like Arizona, Illinois, Maryland, Michigan, and Texas, are considering similar laws inspired by a plan from a pro-Bitcoin nonprofit.

On the other hand, Florida has put its bills, House Bill 487 and Senate Bill 550, on hold, stopping plans to allow certain public funds to invest in bitcoin.

All in all a mixed bag and sentiment at present one could say. There does appear to be more optimism than pessimism at this point, so one can only hope that crypto regulation arrives in time and provides a summer crypto boost that many enthusiasts are hoping for.