CoinDesk has kicked off its annual Most Influential list this week, highlighting individuals and groups that significantly impacted the crypto industry over the past 11+ months. U.S. President Donald Trump is at the forefront as the first recognized individual by CoinDesk, along with others who have influenced crypto legislation.
You’re reading State of Crypto, a CoinDesk newsletter focused on the interplay between cryptocurrency and government. Click here to subscribe for future editions.
The narrative
This year, U.S. President Donald Trump has arguably exerted the most substantial influence on the crypto industry and its surrounding discourse. He has signed executive orders, urged Congress to advance legislation, and created billions of dollars in paper profits via affiliated crypto ventures since regaining office this year.
Why it matters
CoinDesk’s Most Influential aims to reflect on the past year, noting those who have significantly shaped the industry. This year, there has been a strong emphasis on policymakers, particularly within the U.S.
Breaking it down
On Monday, Blockchain Association CEO Summer Mersinger stated that the industry will shape the narrative around crypto if it can unify its voice. “The public narrative matters, and we’re going to lead it,” she asserted. This objective is logical; the industry has argued for years that the prevailing narratives around crypto—namely that it’s primarily a tool for money laundering and criminal activity, that markets are volatile, and that crypto lacks legitimate use cases—are misguided. Trump’s and his family’s involvement in crypto signifies a new narrative the industry must confront: that it’s a beneficial tool for the world’s most powerful man to profit.
For further details and insights into some of our other selections for this year’s Most Influential, check the links below, and stay tuned for the remainder of the list, which will be published this coming week.
Donald Trump
Don Jr., Eric and Barron Trump
French Hill
Bill Hagerty
Bo Hines
Paolo Ardoino
Cameron and Tyler Winklevoss
David Sacks
Brandon and Howard Lutnick
Ross Ulbricht
Shayne Coplan
The Lazarus Group
As of press time, it remains unclear when the Senate will conduct a markup hearing on market structure legislation. It’s expected that there will be two: one from the Senate Banking Committee and another from the Senate Agriculture Committee, for their respective versions of the bill.
Earlier this week, Democrats shared a document outlining their priorities; many points mirrored those in the framework Democrats had circulated in September, though the current document indicates that the negotiating Democrats accepted parts of the existing draft.
Among the contentious points are provisions related to financial stability, market integrity, and ethics—implicitly targeting President Donald Trump and his family’s crypto interests. It’s uncertain if this particular issue might derail negotiations. Earlier in the week, Sen. Cynthia Lummis mentioned that negotiations with the White House had been particularly contentious regarding this issue.
Nonetheless, the Congressional calendar is running short for any meaningful progress in 2025. As of Thursday afternoon, a firm hearing has not yet been set, although Banking Committee Chairman Tim Scott’s office noted 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 cement America’s 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 remains no confirmation that either the Senate Banking or Agriculture Committees will hold markup hearings on their respective drafts of crypto market structure legislation, although Banking is rumored to convene a hearing this upcoming Wednesday or Thursday. Remember, a markup hearing is a vital step before the bills can progress in Congress.
- The Senate also plans to vote on a block of 97 of Donald Trump’s nominees for various positions, including CFTC Chair nominee Mike Selig and FDIC Chair nominee Travis Hill, sometime this upcoming week.
If you have thoughts or questions about what I should discuss next week, or any feedback you’d 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!
