As 2025 draws to a close, investor attention is converging around two big questions: how quickly Washington will deliver 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.
In Grayscale’s view, one of these debates is likely to reshape markets in the near term, while the other may prove more of a distraction than a driver.
Analysts at the firm expect a bipartisan crypto market structure bill to become law in 2026, marking a milestone for the asset class.
While negotiations continue over key details, analysts said the overall direction is clear: Lawmakers are moving toward a traditional financial market rulebook for cryptocurrencies, 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 consequences for its adoption.
Regulated financial services companies may feel more comfortable holding digital assets on their balance sheets, while greater legal clarity could encourage institutions to transact directly on blockchains. The report argued that such developments would mark the early stages of a more institutional era for crypto markets.
By contrast, analysts see concerns about quantum computing as a legitimate but exaggerated issue heading into 2026.
The firm expects the issue to generate headlines and debate, but says it is unlikely to materially 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, potentially enabling fraudulent transactions.
In the long term, Grayscale says that most blockchains, including Bitcoin, along with much of the broader digital economy, will need to upgrade to post-quantum cryptography. However, the firm believes that those risks remain distant for now. While markets will eventually be able to value blockchains based on how prepared they are to address the quantum challenge, this will not significantly impact valuations next year.
Read more: Crypto asset manager Bitwise says bitcoin will break its four-year cycle in 2026
