As 2025 draws to a close, investors’ attention is focused on two big questions: how quickly Washington will establish a comprehensive regulatory framework for digital assets and whether advances in quantum computing pose an imminent threat to blockchain security, crypto asset manager Grayscale said in a Monday report.
According to Grayscale, one of these debates is likely to reshape markets in the near term, while the other could prove more of a distraction than a driver.
The firm’s analysts expect a bipartisan crypto market structure bill to become law in 2026, marking a significant milestone for the asset class.
While negotiations continue over key details, analysts said the general direction is clear: Lawmakers are moving toward traditional financial markets regulation for crypto, covering registration and disclosure requirements, clearer classifications of digital assets and guardrails for insiders.
A more comprehensive and harmonized regulatory framework in the United States, and potentially other major economies, could have practical implications in terms of adoption.
Regulated financial services companies could become more comfortable holding digital assets on their balance sheets, while increased legal clarity could encourage institutions to transact directly on blockchains. The report argues that such developments would mark the first steps of a more institutional era for crypto markets.
In contrast, analysts see concerns about quantum computing as a legitimate but overblown theme heading into 2026.
The firm expects the topic to make headlines and spark debate, but believes it is unlikely to significantly influence asset prices in the near term. Grayscale acknowledged that, in theory, sufficiently powerful quantum computers could undermine current cryptographic standards by deriving private keys from public keys, thereby enabling fraudulent transactions.
In the long term, Grayscale argues that most blockchains, including Bitcoin, as well as much of the broader digital economy, will need to transition to post-quantum cryptography. However, the company believes that these risks remain remote for the moment. Although markets may eventually price blockchains based on their readiness to tackle the quantum challenge, this will not significantly affect valuations next year.
Learn more: Crypto asset manager Bitwise says Bitcoin will break its four-year cycle in 2026
