This week, CoinDesk kicked off its annual Most Influential list, spotlighting individuals and groups that have significantly impacted the crypto industry in the past year. Leading this recognition is U.S. President Donald Trump, along with others advocating for crucial crypto legislation.
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The context
Donald Trump has had a considerable influence on the crypto discourse this year. Since his return to office earlier this year, he has signed various executive orders, lobbied Congress for legislative actions, and has facilitated substantial paper profits through connected crypto enterprises.
Significance
CoinDesk’s Most Influential serves as a retrospective on the year gone by, highlighting those who have notably shaped the industry. This year has seen a marked presence of policymakers, particularly from the U.S.
In-depth analysis
This past Monday, Blockchain Association’s CEO, Summer Mersinger, emphasized that the crypto industry can dictate its narrative by presenting a united front. She remarked, “The public narrative matters, and we’re going to lead it.” This is crucial, as the industry has been striving to counter the prevalent narratives that portray crypto as merely a tool for illicit activities and volatility.
Trump’s family ties to crypto illustrate a burgeoning narrative: that crypto can serve the interests of the most influential figures worldwide.
To learn more about our other selections recognized in this year’s Most Influential, check out the links below and stay tuned for the continuation of the list to be released this week:
Don Jr., Eric and Barron Trump
As of now, the timeline for the Senate’s markup hearing on market structure legislation remains uncertain. Two hearings are anticipated: one from the Senate Banking Committee and another from the Senate Agriculture Committee, pertaining to each committee’s proposal of the bill.
This week, Democrats released their priorities outlined in a document circulating earlier this week. Many points echoed those in a framework discussed previously in September, but modifications were made as certain elements from the current draft were accepted by the negotiating Democrats.
Key issues under negotiation include topics related to financial stability, market integrity, and ethical considerations — with an implicit focus on the crypto interests of Trump and his family. The resolution of these issues is pivotal to the success of negotiations. Notably, earlier this week, Sen. Cynthia Lummis stated she was in discussions with the White House, indicating certain controversial points had arisen.
Nonetheless, the Congressional calendar is tightening, leaving limited time for substantial progress before the end of 2025. As of Thursday afternoon, no formal hearing has been scheduled, though Banking Committee Chairman Tim Scott’s office revealed he has engaged with the CEOs of major banks, such as 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,” Scott declared in a statement on Thursday. “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 foster constructive discussions aimed at enhancing financial inclusion while protecting investors, ensuring the United States stays at the forefront of financial innovation.”
This week, the following updates are important:
- Currently, there’s no confirmation that the Senate Banking or Agriculture Committees will convene for markup hearings concerning their proposed crypto market structure legislation. Nonetheless, rumors suggest that Banking may have a hearing scheduled for either Wednesday or Thursday of next week. A markup hearing is vital for the advancement of the bills in Congress.
- The Senate is also set to vote on a collective block of 97 nominations from Donald Trump for various positions, including those for CFTC Chair nominee Mike Selig and FDIC Chair nominee Travis Hill, later this week.
If you have any thoughts or questions about what I should cover next week or any other feedback, feel free to reach me at [emailprotected] or connect with me on Bluesky @nikhileshde.bsky.social.
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Looking forward to seeing you all next week!
