Stablecoins made real headway in 2025, but that's just the warm-up. The real test? Getting market structure legislation across the finish line. Here's what's actually holding things up: DeFi anti-money laundering frameworks remain murky, White House ethical guidelines create friction points, and key regulatory positions sit empty. These three obstacles are blocking meaningful progress on market infrastructure rules. Without clarity on AML requirements for decentralized protocols, unified oversight standards, and staffed regulatory bodies, the legislative push keeps stalling. The crypto industry got its win with stablecoins this year—but tougher battles around market structure reform are looming.