CoinDesk began unveiling its annual Most Influential list this week, recognizing the people and groups we believe have had the biggest impact on the crypto industry over the past 11 months. US President Donald Trump led the way as the first person recognized by CoinDesk, along with others pushing for cryptocurrency legislation.
You’re reading State of Crypto, a CoinDesk newsletter that discusses the intersection of cryptocurrency and government. Click here to register for future editions.
the narrative
US President Donald Trump has arguably had the biggest effect on the cryptocurrency industry and the discourse around it this year. He has signed executive orders, pressured Congress to pass legislation, and generated billions of dollars in paper profits through affiliated crypto companies since taking office earlier this year.
Why is it important
CoinDesk’s Most Influential is, by design, a look back at the past year, taking note of those who most significantly shaped the industry. And this year, policymakers (particularly those from the United States) were very prominent.
breaking it
Last Monday, Blockchain Association CEO Summer Mersinger said the industry will control the narrative around cryptocurrencies if it can speak with a unified voice. “The public narrative matters and we are going to lead it,” he said. This goal makes sense; The industry has spent years arguing that public narratives about cryptocurrencies – that they are primarily a useful tool for money laundering and other criminal activity, that markets are volatile, and that cryptocurrencies continue to lack legitimate use cases – are incorrect. Trump and his family’s involvement in cryptocurrency demonstrates another new narrative the industry has had to confront: that it is a useful tool for the most powerful man in the world to make profits.
Read more and about some of our other picks for this year’s Most Influential in the links below and stay tuned for the rest of the list to be released next week.
donald trump
Don Jr., Eric and Barron Trump
french hill
Bill Hagerty
Bo Hines
Paolo Ardoino
Cameron and Tyler Winklevoss
David Sacos
Brandon and Howard Lutnick
Ross Ulbricht
Shayne Coplan
Lazarus’ group
As of press time, it is still unclear when exactly we might see the Senate hold a margin hearing on the market structure legislation. As a reminder, there will likely be two: one from the Senate Banking Committee and one from the Senate Agriculture Committee, for their respective versions of the bill.
Democrats laid out a list of their priorities in a document they circulated earlier this week; Many of the points in that document resembled elements of the framework that Democrats had previously shared in September, although this week’s document said negotiating Democrats had agreed to certain parts of the existing discussion draft.
Some of the sticking points include provisions addressing financial stability, market integrity and ethics, implicitly aimed at President Donald Trump and his family’s crypto interests. It’s unclear whether that last point in particular could sink the negotiations. Earlier in the week, Sen. Cynthia Lummis said she had been negotiating with the White House and that that particular point had been contentious.
Still, time is running out on the congressional calendar to make any real progress in 2025. A firm hearing has yet to be scheduled for Thursday afternoon, although Banking Committee Chairman Tim Scott’s office did note that he had met with the CEOs of Bank of America, Citi and Wells Fargo.
“We are making real progress toward passing digital asset market structure legislation that will help solidify the United States’ role as the crypto capital of the world. For months, my colleagues and I on the Senate Banking Committee have received valuable feedback from across the banking and crypto industries. I welcome the opportunity to have constructive conversations about increasing financial inclusion for more Americans, while protecting investors and ensuring the United States remains at the forefront of financial innovation,” Scott said in a statement on Thursday.
This week
- As of press time, there is still no confirmation that the Senate Banking or Agriculture Committees will hold margin hearings on their respective draft legislation on crypto market structure, although the Bank is rumored to hold a hearing of some kind next Wednesday or Thursday. As a reminder, a review hearing is a crucial step before bills can advance in Congress.
- The Senate also plans to vote on a block of 97 of Donald Trump’s nominees to confirm them in various positions, including CFTC chairman nominee Mike Selig and FDIC chairman nominee Travis Hill, sometime next week.
If you have any ideas or questions about what I should discuss next week or any other comments you would like to share, please feel free to email me at [email protected] or find me on Bluesky @nikhileshde.bsky.social.
You can also join the group conversation on Telegram.
See you next week!
