By: Editorial Team, StoneX Media
For much of its history, the digital asset market advanced faster than the rules meant to govern it. That imbalance discouraged banks, brokers, and asset managers from committing capital despite growing client demand. In 2025, regulatory frameworks across major jurisdictions began to close that gap, reshaping digital assets into something operational rather than experimental. The shift changed not just who participates, but how digital assets are used inside financial systems.
Brian Mulcahy, StoneX Digital CEO, brings a market-structure perspective shaped by institutional adoption, regulatory licensing, and the evolution of digital assets as financial infrastructure.
Digital assets developed for years without a clear regulatory perimeter, creating friction for institutions bound by fiduciary and compliance obligations. Mulcahy notes that regulation now provides the stable foundation required to deploy capital at scale, explaining that “regulatory certainty is that stable foundation” for building sustainable markets. Frameworks such as MiCA in Europe and stablecoin legislation in the US removed existential risks for banks and brokers previously sidelined by enforcement uncertainty. Once participation no longer threatened core businesses, institutions were able to integrate digital assets into existing workflows.
While tokenization and blockchain infrastructure promise long-term efficiency gains, stablecoins delivered immediate economic value through settlement and liquidity. Mulcahy highlights that institutional focus shifted once stablecoins proved capable of supporting real-world money movement, noting that “this is actually specifically in support of settlement money movement”. By reducing idle capital trapped in settlement cycles, stablecoins aligned directly with institutional incentives around efficiency and balance sheet optimization. That practical utility, rather than innovation appeal, explains why stablecoins became the fastest-growing segment of regulated digital finance.
Access live prices, supply and demand data and actionable market commentary across commodities, equities, currencies and more. Sign up for StoneX Market Intelligence today and receive a 14-day trial.
See our financial videos hub
--- Written by Frédéric Guétin, StoneX TV Producer
--- Expert: Brian Mulcahy, StoneX Digital CEO
Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Cryptocurrencies are sometimes exchanged for government backed currencies (known as fiat) or other currencies around the world, but they are not generally backed or supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. Cryptocurrencies are not covered by either FDIC or SIPC insurance. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency. Purchasing cryptocurrencies comes with a number of risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks. In addition, cryptocurrency markets and exchanges may not be regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing. Cryptocurrencies are not regulated by the Securities Exchange Commission (SEC), FINRA, or the Commodity Futures Trading Commission (CFTC). These views are subject to change at any time based upon market or other conditions, and StoneX Group Inc. disclaims any responsibility to update such views. Past performance is no guarantee of future results. The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. StoneX Digital LLC (“SXD”) is a subsidiary of StoneX Group Inc. and is dedicated to providing institutional clients with access to multiple products and services for digital assets. SXD is not a registered broker-dealer or futures commission merchant subject to federal securities or commodity regulations and does not solicit securities or futures. SXD seeks to provide institutional clients the flexibility and tools to interact with markets on their terms and enable them to trade cryptocurrencies.
The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors. Full Disclaimer. This content is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to the Regulatory Disclosure section for entity-specific disclosures. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.
© 2026 StoneX Group Inc. all rights reserved.
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.
Bitcoin is stabilizing near a major technical support level, but the bigger challenge may be happening beneath the surface. As institutional demand weakens and competing investment opportunities emerge, liquidity conditions could become the deciding factor for Bitcoin's next major move.
Crypto market sentiment has deteriorated sharply as Bitcoin falls toward key support levels and investors continue withdrawing capital from exchange-traded funds. The growing divergence between fearful crypto markets and record-breaking equity markets may reveal a broader shift in investor risk appetite.
Bitcoin is facing growing competition for investor capital as technical weakness coincides with renewed enthusiasm for artificial intelligence investments and heightened geopolitical uncertainty. The result is a market environment where liquidity flows may become just as important as chart patterns in determining Bitcoin's next major move.
Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve; our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.
