Crypto asset management firm Grayscale said in a report on Monday that as 2025 comes to an end, investors are focused on two big questions: how quickly Washington will provide a comprehensive regulatory framework for digital assets, and whether advances in quantum computing pose an imminent threat to blockchain security.
In Grayscale’s view, one of the debates may reshape the market in the short term, while the other may be more of a distraction than a driver.
Analysts at the firm expect the bipartisan Cryptocurrency Market Structure Act to become law in 2026, marking a milestone for the asset class.
While negotiations on key details are still ongoing, analysts say the broad direction is clear: Lawmakers are moving toward crafting a traditional rulebook for cryptocurrency financial markets, covering registration and disclosure requirements, clearer classification of digital assets, and insider protections.
A more complete and harmonized regulatory framework in the United States and even other major economies could have a real impact on adoption.
Regulated financial services firms may become more willing to hold digital assets on their balance sheets, while increased legal clarity may encourage institutions to trade directly on the blockchain. The report believes that this development will mark the early stages of a more institutionalized era for the crypto market.
In contrast, analysts believe concerns about quantum computing are a legitimate but exaggerated theme heading into 2026.
The company expects the topic to dominate headlines and debate, but says it is unlikely to have a significant impact on asset prices in the short term. Grayscale acknowledged that, in theory, a sufficiently powerful quantum computer could break today’s encryption standards by deriving private keys from public keys, potentially allowing fraudulent transactions.
Grayscale said that in the long term, most blockchains, including Bitcoin, and the broader digital economy will need to upgrade to post-quantum cryptography. However, the company believes these risks remain remote at this time. While the market may ultimately evaluate blockchains based on their readiness to tackle quantum challenges, this will not have a meaningful impact on valuations next year.
Read more: Crypto asset management company Bitwise says Bitcoin will break the four-year cycle in 2026