The Financial Stability Oversight Council's 2025 report, produced under the current Treasury leadership, shortens prior analysis, removes the previous focus on 'vulnerabilities' and no longer explicitly flags digital assets as a systemic financial-stability risk. The report omits 2024 recommendations on stablecoin regulation and spot market oversight, frames a shift toward promoting sustainable growth, praises the growing crypto sector and notes regulators stepping back from warning firms about crypto involvement, while still warning that stablecoins can be abused for illicit finance and may reinforce the dollar's international role.

The report removes prior explicit systemic-risk language for digital assets and omits 2024 recommendations on stablecoins and spot-market oversight (positive for market sentiment), while still warning about stablecoin abuse for illicit finance (a moderating factor). These are factual changes in regulatory tone and recommendations reported in the summary.