In the United States, crypto’s evolution has unfolded through regulatory clashes, explosive market rallies, and a string of high-profile failures. From the 2017 ICO frenzy to the 2022 FTX implosion, the industry has craved supportive policies to foster growth. Enter the pro-crypto administration: relaxed enforcement, executive orders promoting innovation, and political endorsements that sent Bitcoin to an all-time high above $126,000 in October 2025. Yet, as DeFi TVL hit a record $237 billion in Q3 2025, a counterintuitive question arises: Could this regulatory friendliness undermine the sector’s foundations, ... (full story)