Landmark Regulation, ICOs, Downtober & Privacy: 2025 Crypto Year in Review (Part 2) - Ep. 991 - Unchained Recap

Podcast: Unchained

Published: 2025-12-30

Duration: 1 hr 18 min

Guests: Doug Colkitt

Summary

2025 was a year of both progress and setbacks for the crypto industry, marked by significant regulatory changes and market fluctuations. Key highlights include the GENIUS Act's impact on the stablecoin market and Bitcoin's volatile price movements.

What Happened

The episode opens with an analysis of the GENIUS Act, the first major crypto regulation in the U.S., which sparked 'stablecoin season'. While it was initially seen as a boon for crypto adoption, the Act's prohibition on interest payments drew criticism for stifling growth in alternative markets.

Doug Colkitt and Gwart reflect on the year's most notable ICO, PUMP, which raised $600 million in just 12 minutes. Despite this initial success, the coin's trading volume has since plummeted, raising questions about the timing and strategy behind its buybacks.

The duo also delves into Bitcoin's tumultuous year, highlighting its peak at $126,000 and subsequent 15% drop within 30 minutes during 'Downtober'. This volatility has left the cryptocurrency ending the year flat, contrary to the bullish expectations of many investors.

Attention then shifts to Stripe's controversial decision to launch the Tempo blockchain as a layer-1 solution, causing ripples in the Ethereum community. The episode also explores Hyperliquid's USDH stablecoin, which emerged victorious in a hotly contested bidding war seen by many as rigged from the start.

The conversation moves to privacy coins, with Zcash experiencing a surge in interest potentially linked to 'threadguy's' tax issues. This reflects a broader trend of renewed investor focus on privacy-centric cryptocurrencies.

Another focal point is Do Kwon's 15-year prison sentence following the Luna collapse, with guests debating the fairness of his punishment. Some argue that investors were aware of the risks, unlike those involved in the FTX scandal, where funds were outright stolen.

The episode concludes with a discussion on the perceived threat of quantum computing to Bitcoin's security. While Nic Carter remains vocal about the dangers, Doug and Gwart express skepticism, suggesting that more immediate market challenges deserve attention.

Finally, Doug and Gwart share optimistic predictions for 2026, anticipating improved market conditions and heightened liquidity, despite the uncertainties that have plagued the crypto industry in 2025.

Key Insights