Regulators and Institutions Rewrite the Rules of Crypto’s New Era

The relevance of World Liberty Financial in the cryptocurrency market has diminished as the broader crypto industry has matured and shifted its focus toward institutional adoption and revenue-generating business models. As venture capital (VC) firms recalibrate their strategies, early-stage speculative projects are no longer the primary focus; instead, the emphasis is on stablecoins, tokenization platforms, and DeFi infrastructure that offer predictable revenue streams [1]. This transition reflects a broader industry trend of moving away from speculative hype and toward strategic consolidation and long-term utility-driven projects.

Eva Oberholzer, chief investment officer at Ajna Capital, highlighted how the market has evolved since the early days of crypto. She noted that VC firms are now prioritizing projects with clear business models, institutional dependencies, and irreversible adoption. "What we see right now is that crypto is not driven by any memecoin frenzies or other trends, but it's more about institutional adoption," she said. This shift underscores the growing influence of traditional finance in shaping crypto’s trajectory, with Wall Street firms, institutional funds, and venture capitalists increasingly demanding projects that can produce consistent returns [1].

The trend is evident in the rise of real-world asset (RWA) tokenization platforms and stablecoin projects, both of which offer tangible revenue-generating opportunities through minting and managing tokenized assets on-chain. According to data from RWA.XYZ, the tokenized RWA market continues to grow, driven by the increasing demand for financial infrastructure that can be integrated with blockchain. Additionally, platforms like Ethereum, which host the majority of stablecoin activity and decentralized finance (DeFi) transactions, are becoming critical to the crypto ecosystem due to their ability to generate stable revenue through fees and financial rent [1].

Regulatory clarity is also playing a key role in this transition. The U.S. has seen a surge in crypto-related IPOs, with 95 companies listed on U.S. exchanges in 2025, raising $15.6 billion by mid-June. This is a 30% increase from 2024 and marks a pivotal shift toward revenue-driven models over speculative token launches. The passage of the GENIUS Act in July 2025 and the proposed CLARITY Act are part of a broader legislative effort to provide a regulatory framework that differentiates between digital commodities and securities, aiming to reduce ambiguity and foster innovation [3].

The CLARITY Act, introduced by the House of Representatives, proposes a three-tier classification system for digital assets: digital commodities, investment contract assets, and permitted payment stablecoins. This framework seeks to delineate the roles of the SEC and CFTC in regulating crypto markets. The bill grants the CFTC exclusive jurisdiction over anti-fraud enforcement in digital commodities and mandates that crypto exchanges and intermediaries register with the CFTC. Meanwhile, the SEC would retain authority over investment contract assets, which are treated as securities during capital-raising phases but transition to digital commodities once they enter the secondary market [3].

The regulatory landscape remains in flux, with the Senate Banking Committee having introduced an alternative framework through the Responsible Financial Innovation Act of 2025 (RFIA). While RFIA focuses on SEC authority and introduces exemptions for the offer and sale of “ancillary assets,” it diverges from the CLARITY Act’s emphasis on CFTC oversight for digital commodities. The Senate Banking Committee aims to finalize market structure legislation by the end of 2025, suggesting a potential compromise that could unify the regulatory approach for both digital and traditional financial markets [3].

The maturation of the crypto industry is also reflected in the growing strategic acquisitions and IPOs. Robinhood's acquisition of Bitstamp and its integration of Arbitrum for stablecoin transactions are indicative of a broader trend where traditional financial institutions are embracing blockchain infrastructure. These moves highlight the increasing legitimacy of crypto as part of the mainstream financial ecosystem and demonstrate how established players are positioning themselves for long-term success [1].

In conclusion, the relevance of platforms like World Liberty Financial is waning as the crypto market shifts toward a more institutionalized, revenue-driven paradigm. With regulatory clarity improving, venture capital strategies evolving, and traditional financial institutions deepening their crypto engagement, the industry is setting the stage for a new era of growth. The focus is no longer on speculative projects but on building robust, sustainable infrastructure that can support the next wave of innovation in digital assets [1][3].

Source:

[1] Venture capital game has changed due to market maturation (https://cointelegraph.com/news/venture-capital-game-changed-market-maturation)

[2] The State of Crypto Venture Capital in 2025 (https://www.veradiverdict.com/p/the-state-of-crypto-venture-capital)

[3] Clarifying the CLARITY Act: What To Know About (https://www.arnoldporter.com/en/perspectives/advisories/2025/08/clarifying-the-clarity-act)