Landmark Regulation, ICOs, Downtober & Privacy: 2025 Crypto Year in Review (Part 2) - Ep. 991

In this episode of Unchained, Laura Shin hosts Gwart and Doug Colkitt to review the second half of 2025 in crypto, starting with the GENIUS Act and its impact on stablecoins, including the inability to directly pass along yield to users. They discuss the Pump ICO, its initial hype, and subsequent disappointment, as well as the broader downturn in the meme coin market. The conversation moves to Tempo's decision to become its own L1 and the controversy surrounding the USDH stablecoin competition on Hyperliquid, questioning the level of decentralization in DeFi. They analyze Coinbase's acquisition of Echo and its implications for customer support, Bitcoin's all-time high and the subsequent 1010 liquidations, and the surge in privacy coins. The panel also touches on AI agents, the rivalry between Calshi and Polymarket, the Do Kwon sentence, and the quantum threat to Bitcoin, ending with predictions for 2026.