The year 2025 marked a turning point for the cryptocurrency industry: several key figures led the sector out of a prolonged period of legal pressure into a phase of deeper integration with the financial system. This article lists the main actors of the year and their specific achievements, from court outcomes to changes in institutional infrastructure.
Key Figures in the Cryptocurrency Market of 2025
The editorial team identified five individuals whose decisions and projects significantly influenced market structure, regulation, and infrastructure. We assess them based on market impact, political weight, and scale of economic results, while presenting key facts about each.
If you want to compare these findings with broader industry trends, check out the mining trends overview, and for regulatory context, see the crypto policy 2025. The editorial rating also ties into the annual analysis results—see the yearly report.
Brad Garlinghouse and Ripple
In 2025, Brad Garlinghouse concluded Ripple's long-running legal battle with the SEC: the parties settled, Ripple agreed to pay a $125 million fine, and appeals were withdrawn. This resolution gave the company the opportunity to expand its business in the U.S. and abroad without the previous legal overhang.
Following the case closure, Ripple applied for a national banking license in the U.S. and received conditional approval from the OCC for a national trust bank charter. Simultaneously, the company obtained permission from the DFSA in Dubai to offer regulated crypto payment and services within the DIFC.
Under Garlinghouse's leadership, Ripple connected over 800 banks and facilitated an annual volume of tokenized transfers amounting to $200 billion, as well as launched several spot XRP ETFs in the U.S. These achievements strengthened Ripple's position as a player in payment infrastructure.
Brian Armstrong and Coinbase
In 2025, Brian Armstrong secured a crucial legal outcome for his company: the SEC closed its case against Coinbase, removing a major regulatory uncertainty for the industry. This decision reduced ambiguity around the largest American exchange and its role as an entry point into the crypto ecosystem.
Coinbase also serves as the custodian for the majority of assets in spot Bitcoin ETFs, highlighting its role in institutional infrastructure. Additionally, Coinbase's Base platform became the de facto Ethereum Layer 2 solution in 2025, securing a key position among Layer 2 technologies.
Shayne Coplan and Polymarket
Shayne Coplan elevated Polymarket from a niche platform to a widely cited source of forecasts: in 2025, the platform became referenced in mainstream media and analytics. This status change enhanced the influence of prediction markets on public discourse.
Polymarket further strengthened its position following a strategic investment from Intercontinental Exchange (ICE), granting the project additional institutional legitimacy and increasing trust among traditional market participants.
Paolo Ardoino and Tether
In 2025, Paolo Ardoino and Tether demonstrated significant institutional expansion: Tether became the 17th largest holder of U.S. government debt, owning over $130 billion in Treasury bonds. This position reinforced the company's role within the financial ecosystem.
Moreover, Tether holds more than 100,000 BTC and became the largest Bitcoin miner in Latin America. These assets and operational directions show that the company acts not only as a stablecoin issuer but also as a major player in cryptocurrency infrastructure.
Donald Trump — Influence on Regulation
Donald Trump is included as a figure who reshaped the regulatory landscape for cryptocurrencies. In 2025, he signed the GENIUS Act, which established a regulatory framework for payment stablecoins in the U.S., and implemented several personnel and political moves impacting the industry.
Key actions by the administration included the release of Ross Ulbricht and the appointment of Paul Atkins as SEC chairman. These decisions directly affect the legal and institutional context in which crypto companies and services operate.
Why This Matters
For miners in Russia, these events primarily signify a shift in the institutional background: major companies gained legal and operational clarity, while stablecoins and infrastructure players strengthened their positions. This reduces some global regulatory risks but does not eliminate local restrictions and commercial risks related to energy and logistics.
Even if specific decisions were made in the U.S. or UAE, their effects manifest in international infrastructure, from custodial services to liquidity channels and tools for mining revenue collection. Therefore, increased institutional participation influences service availability and interaction models with related financial products.
What to Do?
Below are practical steps for miners with 1–1000 devices in Russia. The list is brief and focused on risk reduction and preparation for infrastructure changes.
- Verify custodian trustworthiness: when choosing exchanges and custodians, consider their role in spot ETFs and regulatory transparency.
- Diversify withdrawal channels: maintain multiple options for exchange and withdrawal to avoid dependence on a single partner.
- Monitor Layer 2 infrastructure: recognize that growth of solutions like Base changes network load and transfer fees.
- Optimize energy consumption and expense accounting: track operational metrics and seek ways to reduce mining costs within current legislation.
- Stay informed on local and global regulatory changes: shifts in the U.S. and international jurisdictions affect services and counterparties you work with.
If you need materials on infrastructure and mining trends, see key mining trends, and for regulatory updates, the detailed 2025 policy review.