As 2024 draws to a close, Binance.US Interim CEO Norman Reed has underscored the significant role cryptocurrencies with play in global finance, predicting a crypto boom in 2025.
Despite the challenges that cryptocurrency exchange Binance had encountered with the US Securities and Exchange Commission (SEC), the Binance CEO shared his outlook on the future in a recent blog post, highlighting the digital industry’s resilience and potential to disrupt the global financial systems.
The SEC’s Actions Harmed the Crypto Industry
In the blog post that comes at a time when the leading crypto exchange globally by trade volume is navigating legal challenges with the SEC, Norman Reed didn’t spare the agency’s way of handling issue criticism, saying the SEC’s approach to issues had played a significant role in stifling innovation besides harming the crypto industry at large.
Commenting on the SEC’s actions, Norman Reed stated, “Ultimately, I strongly believe that the current SEC administration’s actions have not only failed to uphold the agency’s founding principles but also caused significant harm to American consumers and the crypto industry, including Binance.US.”
Crypto Boom in 2025 Despite Challenges
The SEC sued crypto exchange Binance.US in 2023 for alleged regulatory violations. Nonetheless, Norman Reed argues that the agency doesn’t have concrete evidence of the platform’s alleged misconduct. He observed that “Tellingly, the SEC has not presented any evidence of wrongdoing to date despite maintaining a careful watch over the company.” Despite the ongoing challenges, Norman Reed foresees a crypto boom in 2025 when incoming SEC Chairman Paul Atkins takes office with the possibility of a clear regulatory framework. Reed stated, “We welcome a clear and practical regulatory framework for digital assets in the U.S.”
The sentiments by Norman Reed align with those of Binance CEO Richard Teng, who also gave a positive outlook for the crypto sector in 2025. Calling 2024 the beginning of a new era for the crypto market, Teng cited several milestones that could go on to reshape the crypto ecosystem and the entire financial ecosystem globally. He highlighted the fact that Bitcoin and the whole cryptocurrency market cap had achieved new all-time highs, most likely spurred by financial products like ETFs and the November 5 win of the US presidential elections.
crypto boon expected in 2025
The US is poised to Shape the Global Crypto Landscape
Like Norman Reed, Teng highlighted the importance of clear regulation in making the anticipated crypto boom in 2025 a reality, especially in Europe, where compliance for stablecoins is taking root. Teng also noted the ongoing pro-crypto sentiment in the United States. Having launched his own NFT series and promoting DeFi, most industry players believe that Trump’s leadership would herald positive changes and favorable regulation for the crypto industry. Teng stated, “The United States is poised to lead in shaping global crypto legislation next year.”
Conclusion
The possibility of numerous changes, including the creation of a US Bitcoin Strategic Reserve fund, has set the ground for the possible crypto boom in 2025, as predicted by Norman Reed and his global counterpart Richard Teng. Other nations are already taking cues from the US, and lawmakers in Japan are already pushing for similar initiatives. While there are still legal challenges to contend with, Norman Reed believes the crypto space is poised for a better day. Norman Reed concluded that “The fight isn’t over. Now that we’ve survived, our goal is to help crypto thrive and empower all Americans with freedom of choice.” he concluded.
Frequently Asked Questions
How long do most crypto booms last?
Most crypto booms last 1 to 3 years, though they could vary depending on market conditions, technological developments, and adoption rates.
How long will the 2025 bull market last?
The duration of any bull run follows similar trends. As more individuals and companies adopt cryptocurrency, the Bull Run could last for one or more years as long as the global factors remain favourable.
What signals indicate the start of a crypto market boom?
Some key indicators of a crypto boom include rising trade volumes, sustained price increases, institutional investment, growing media coverage, and positive market sentiment.
What is the world’s longest Bull Run?
The longest bull market in history lasted from 2015 to 2017, during which time Bitcoin’s price rose from $200 to nearly $20,000.