Welcome to CoinDesk's Most Influential 2025.

This year, Bitcoin broke an all-time high, reaching $126,000 a few short months ago, Ethereum saw not one but two major network upgrades take effect, Solana broke into Wall Street and through it all retail and institutional traders gained ever more access to crypto markets through wrapped products like exchange-traded funds.

Continuing the end of 2024's crypto industry optimism, 2025 saw the resurgence of the U.S. as a dominant market in crypto for both retail and institutional players, the cementing of cryptocurrencies as an asset class for the mainstream investor and even the growth of artificial intelligence in crypto spaces.

That's not to say the news has been consistently positive. Markets have slipped over recent months and the broader U.S. and global economy are showing signs of stress. The crypto industry received vivid and unfortunate reminders in the form of wrench attacks and kidnappings that personal security cannot just be taken for granted, and malicious actors are on track to break records for how much crypto they've been able to steal through hacks and other compromises.

All this to say: It's been a busy year.

For 2025, CoinDesk categorized the 50 individuals and groups we're recognizing for their contributions to the crypto industry this year — good and bad — into 10 different themes, with one of our Top 10 Most Influential individuals tied to four groups or people in their thematic orbit. Monday's theme — recognizing U.S. President Donald Trump and the outsize effect he has had on the crypto industry discourse this year — is kicking off our presentation of the list, and you can check back every day for the next two weeks to read the newest entries on our list.

Outside policymaking, our themes look at the role of money in politics, the growing attention on how capital is flowing in general, the behind-the-scenes work to keep decentralized networks humming and the industry's darker side, among others.

Finally, as a reminder, CoinDesk's Most Influential is not a ranking. It’s not us honoring individuals or groups. Rather, it’s our way of recognizing the role these people and groups have played in the industry. As we have in past years, this year our selections range from builders, policymakers and thought-leaders moving the industry forward to bad actors who arguably set it back. That's still influence, even if we would rather forget their roles.

How We Selected CoinDesk's Most Influential 2025

As with every year's list, CoinDesk focuses on individuals who demonstrated — not to put too fine a point on it — influence in the crypto industry. Whether that's through bringing esoteric products mainstream, drawing attention to how people disclose their holdings or just through keeping the industry's technology moving, the list recognizes people who had a clear effect.

Every year, the final selection draws from a crowd-sourced long list, with CoinDesk reporters and the general public all weighing in. The monthslong process saw this list whittled down into the 50 names you'll read about over the next two weeks.

As in past years, we have made a deliberate effort not to include people who might be on the list every year. The U.S. Securities and Exchange Commission’s (SEC) Hester Pierce, for example, continues to be a majorly influential figure for the industry, guiding the agency’s approach to crypto regulation from a position of power that has only increased under the leadership of crypto-friendly Chair Paul Atkins. And there’s no question that Coinbase CEO Brian Armstrong has massive influence on the crypto industry, particularly in the U.S.

However, some figures have such a significant impact that they necessitate a repeat appearance on our Most Influential list. This year, we are recognizing Trump again, due to the changes he's wrought since being elected president in 2024, and some other names may seem familiar as well. And as with every year, we welcome your feedback on our selections.