Looking Back at 2025: The Top 10 Annual Influencers Shaping the Cryptocurrency Industry

Deng Tong, Jinse Finance

*As 2025 draws to a close, Jinse Finance launches a series of articles titled “Looking Back at 2025” on the occasion of bidding farewell to the old and welcoming the new. Review the progress of the encryption industry during the year, and hope that the industry will disperse in the new year and the galaxy will be bright. *

In 2025, the crypto industry will usher in a critical year of gradual clarity of regulatory framework, deep penetration of traditional finance, and accelerated technological iteration. Every key node is inseparable from the promotion of core figures, who either lead the policy orientation, or lead the institution to enter the game, or tackle technical problems, or stir up the market. This article focuses on the crypto industry figures in 2025.

1. U.S. President Trump

1. Return to the White House, the first “crypto president”

On January 20, Trump was sworn in as the 47th President of the United States and the first “crypto president” in U.S. history.

On January 23, Trump issued his first crypto executive order. Specifically, it includes: protecting and promoting the ability of individual citizens and the private sector to access and use public chains; U.S. citizens can develop and deploy software, participate in mining and verification, conduct transactions, and self-custody of digital assets; promote and protect the sovereignty of the US dollar and promote the development and growth of dollar-backed stablecoins; Protect and promote fair and open access to banking services for all law-abiding citizens and private sector entities; providing regulatory clarity and certainty; Protect Americans from the risks of CBDCs by prohibiting the establishment, issuance, circulation, and use of CBDCs in U.S. jurisdictions; Revoke Executive Order No. 14067 “Ensuring the Responsible Development of Digital Assets and the Ministry of Finance” “Framework for International Participation in Digital Assets”; Establish the Presidential Digital Asset Markets Working Group; proposing a federal regulatory framework to govern the issuance and operation of digital assets, including stablecoins, in the United States; Evaluate the possibility of establishing and maintaining a national digital asset reserve and propose criteria for establishing such a reserve.

For details, please refer to the Golden Finance special “Trump officially inaugurated, the crypto industry opens a new era”

2. Hold high the tariff stick

February 1: Trump signs an executive order imposing a 10% tariff on Chinese goods exported to the United States on top of the current tariffs, citing fentanyl and other issues. At the same time, a 25% tariff will be imposed on goods from Mexico and Canada, of which a separate tax will be added on Canadian energy products; On April 3, “Liberation Day”, Trump officially signed an executive order on reciprocal tariffs; On April 8, it was announced that it would increase the “equivalent tariff” on Chinese goods exported to the United States from 34% to 84%, and the total tariff rate after the previous tariffs reached 104%; April 10: First announced the implementation of a 90-day tariff suspension period, significantly reducing reciprocal tariffs to relevant countries to 10%, but at the same time increasing tariffs on China to 125%, and the final cumulative tariff of fentanyl tariffs reached 145%; On May 12, the United States issued a joint statement after the Geneva economic and trade talks, and the US tariff on China was reduced to 30%, and on May 14, the US officially completed the tariff adjustment. August 12: China and the United States reached a consensus after the Stockholm economic and trade talks to suspend the implementation of 24% mutual tariffs for 90 days from that day, with both sides retaining the 10% tariffs on each other’s goods, and China suspending some non-tariff countermeasures against the United States. On November 5, in conjunction with the previous agreement on the suspension of tariffs between China and the United States, China announced that it would continue to suspend the implementation of the 24% tariff rate on the United States for one year from November 10, and retain the 10% tariff rate.

The crypto market is greatly affected by tariff policies. At the end of February, when Trump suddenly announced plans to impose tariffs on Canada and the European Union, BTC fell by about 15% in the following days; In early April, when Trump frequently increased his weight, the total market capitalization of the crypto market fell by about 25.9% from its January high, and the market value evaporated by nearly $1 trillion, highlighting the high sensitivity of the crypto market to macroeconomic instability.

For details, please refer to the Golden Finance special article "Trump holds high the tariff stick, how does the crypto market go? 》

3. Send TRUMP and push WLFI

On January 18, Trump announced the launch of his personal meme coin TRUMP. As soon as TRUMP was launched, it started a skyrocketing mode, recording a high price of more than $44 on January 22, and then fell all the way to $5.09 as of press time, down 82.4% from its January high.

The launch of TRUMP meme coin directly started the celebrity meme coin craze at the beginning of the year, and the price action of TRUMP is also the epitome of all celebrity meme coins. First, after the launch of meme coins, the celebrity effect is used to pull the market, such as Trump’s launch of TRUMP three days before his inauguration to create short-term frenzy hype opportunities; Secondly, Meme has no real value support, TRUMP has been full of controversy since its birth, and criticism such as political bribery has been endless; Finally, most meme coins have internal operational issues, selling at price highs and causing prices to plummet.

On September 16, 2024, World Liberty Financial, the Trump family’s decentralized finance project, was established. On September 1 this year, a number of cryptocurrency trading platforms launched WLFI trading. But obviously, WLFI was only a temporary boom, rising to a high of $0.24 in the month of its launch, and has fallen 45.1% to $0.1284 as of press time.

WLFI’s product architecture is based on the governance token WLFI and the stablecoin USD1, aiming to connect traditional finance and DeFi, with its core consisting of the institutional-grade stablecoin USD1 and the community-driven governance token WLFI. The product architecture features multi-chain deployment, compliance management (including KYC and third-party audits), and community governance mechanisms, and provides transparent and secure digital asset services through the stablecoin USD1 backed by US dollar reserves.

However, since WLFI was first launched in September last year, there have been no outstanding results. WLFI co-founder Zach Witkoff recently announced that it will launch its real-world asset product in January next year, but the final landing is not yet known.

For details, please check out Jinse Finance’s special feature “When Politics Meets Crypto: The Trump Family’s WLFI Experiment”

2. SEC Chairman Paul Atkins

In April 2025, after Atkins assumed the position of SEC chairman, he proposed Project Crypto, which is considered the clearest crypto strategy by US regulators to date. Its main purpose includes: clarifying that most digital assets are not securities and reducing legal uncertainty; Eliminate complex regulations, that is, clarify the financial and legal attributes of crypto tokens as commodities and avoid cumbersome review case by case; Support on-chain capital raising, making it possible to comply with tokenization markets; establish a stablecoin and on-chain settlement system to promote the dominance of the US dollar in the crypto market; Promote cross-agency collaboration (with the CFTC, Treasury Department, White House Working Group); Support crypto innovation, and even support platforms that integrate trading, staking, and lending to improve financial efficiency. He believes that if the United States is to maintain financial leadership, it must establish compliance and market advantages in the field of digital assets.

For more information, please see “Paul Atkins: Believers in the Free Economy and Head of Project Crypto”

Under his leadership, the SEC shifted to a pro-crypto policy. In 2025, the SEC concluded its illegal enforcement case against Coinbase, ending investigations into crypto industry projects such as Ondo, Aave, Yuga Labs, and others.

3. Ethereum co-founder Vitalik

1. Ethereum upgrade

On May 7, the Ethereum Pectra upgrade was triggered and completed on the mainnet at around 10:05 UTC. This is the most significant upgrade since the merger in 2022. This update aims to streamline the staking process, enhance wallet functionality, and improve overall efficiency. One of the key elements of this upgrade is the increase in the amount of ETH that users can stake from 32 to 2048. This change aims to help staking institutions and infrastructure providers by meeting the needs of validators who stake ETH to maintain the operation of the blockchain.

For details, please refer to the Golden Finance special topic “Understanding the Ethereum Pectra Upgrade”

On December 3, the Ethereum Fusaka upgrade was officially activated at mainnet block slot 13,164,544.

Fusaka marks a significant step in Ethereum’s scaling roadmap, enhancing Layer 1 performance, expanding blob capacity, improving rollup cost-effectiveness, and bringing user experience upgrades. It also introduces a “blob parameter only” fork mechanism to securely increase blob capacity when rollup demand grows.

For details, please refer to the Golden Finance special “Full Analysis of Ethereum Fusaka Upgrade”

2. Pay attention to the privacy track

At the Ethereum Developer Conference from November 17th to 22nd, Vitalik released Kohaku, an Ethereum privacy-preserving encryption tool.

For developers, the Ethereum Foundation offers an open-source framework that includes modular software development kits (SDK) and a reference wallet. The SDK provides reusable components for private sending, more secure key management and recovery, and risk-based transaction control, so teams don’t need to build the entire privacy stack from scratch. For users, the first version is a browser extension wallet for advanced users, which is developed on the basis of Ambire. It supports private and public transactions, separate accounts for each decentralized application, peer-to-peer broadcasting (rather than centralized relays), and is used to hide internet protocols as much as possible (IP) Tools for addresses and other metadata.

For details, please refer to "Ethereum Privacy Explosion? What voices did the Ethereum Developer Conference convey?

On November 27, Vitalik once again focused on the privacy track and supported two decentralized messaging applications, Session and SimpleX Chat, donating 128 ETH each. Vitalik points out that digital privacy protection for encrypted messaging is critical. The next two important developments in this area are: (i) permissionless account creation; (ii) Metadata Privacy Protection.

For more information, please refer to "Where are the two applications that Vitalik supports? Is privacy communication the next outlet?

4. Strategy co-founder Michael Saylor

1. Buy BTC like crazy

On December 30, 2024, Strategy’s total BTC holdings were 446,400. As of December 15, 2025, Strategy’s total BTC holdings are 671268. In nearly a year, Strategy bought 224868 BTC. Its holdings account for 3.197% of the total BTC supply.

2. Respond to MSCI index exclusion risks

MSCI announced in October that it was consulting the investment community on whether digital asset reserve companies with more than 50% of crypto assets on their balance sheets should be excluded from the index. MSCI noted that some feedback suggests that such companies “exhibit similar characteristics to investment funds, which are not currently eligible for index inclusion.” The consultation period will run until December 31, with a final decision to be announced on January 15 next year, with any resulting changes coming into effect in February. The preliminary list of affected companies under consideration by MSCI includes 38 companies such as Michael Saylor’s Strategy Inc., Sharplink Gaming, and cryptocurrency miners Riot Platforms and Marathon Digital Holdings.

Michael Saylor responded to the MSCI index’s risk exclusion in a social post, saying that Strategy, as a listed operating company, is fundamentally different from funds, trusts and holding companies, Strategy not only has a software business worth $500 million, but also uniquely uses Bitcoin as productive capital for fund management. Index classifications cannot define a strategy. The company’s long-term strategy is clear, and its mission has always been to become the world’s first digital currency institution based on sound currency and financial innovation.

3. Promote the government to develop a digital banking system supported by BTC

In early December, Michael Saylor pushed governments to develop a digital banking system backed by Bitcoin that offers high-yield, low-volatility accounts capable of attracting trillions of dollars in deposits. Saylor said countries could leverage overcollateralized Bitcoin reserves and tokenized credit instruments to create regulated digital bank accounts that would yield higher than traditional deposits. Bank deposits in Japan, Europe and Switzerland yield little to nothing, while euro money market funds yield around 150 basis points and US money market rates are close to 400 basis points, explaining why investors are turning to the corporate bond market.

For details, please refer to “Controversial Strategy: The Dilemma of BTC Belief Stocks After the Big Drop”

5. Tether CEO Paolo Ardoino

1. Intend to acquire Juventus

On December 12, Tether announced plans to fully acquire Italian football club Juventus FC. Tether has submitted an all-cash binding offer to acquire 65.4% of its shares to controlling shareholder Exor and is ready to launch a public offer for the remaining shares upon completion of the transaction, aiming to increase its holdings to 100% control. However, EXOR Group rejected Tether’s offer to acquire Juventus shares, reiterating its intention to sell Juventus shares.

2. Create fiat-pegged tokens

On December 9, Tether stablecoin USDT was officially recognized as a “fiat-pegged token” at the Abu Dhabi International Financial Center (ADGM), and licensing institutions can provide regulated custody and trading services, marking an important step in the UAE’s stablecoin regulation. The USDT it issues has been officially recognized as a fiat currency reference token for several blockchains such as Aptos, Cosmos, Near, and more. This layout helps Tether knock on the door of the compliant digital asset market in the Middle East, leveraging Abu Dhabi’s status as a regional financial center to further expand the influence and circulation of its stablecoins in the global compliant market.

3. Mobile payment

On December 9, Oobit, a mobile payment app powered by Tether, announced its partnership with Bakkt to officially launch in the United States. The “Touch & Pay” solution integrates with non-custodial wallets such as Base, Binance, MetaMusk, Phantom, and Trust Wallet, allowing users to spend directly with cryptocurrencies through iOS and Android devices. Merchants receive fiat payments in real time through the existing Visa payment network. Tether’s partnership with Oobit began back last year. In 2024, Oobit completed a $25 million Series A financing, led by Tether, with participation from investors such as Solana co-founders, which became an important support for Oobit’s subsequent technology iterations and global market expansion.

4. Digital asset lending

On November 18, Tether announced a strategic investment in Ledn, a digital asset lending platform. This move aims to expand access to credit, supporting individuals and businesses in obtaining loans without selling their digital assets. With a focus on Bitcoin mortgages, Ledn has issued over $2.8 billion in loans since its inception, including over $1 billion in lending in 2025, marking the company’s strongest annual performance. Its annual recurring revenue (ARR) has exceeded $100 million.

5. Robots

On December 8, it was reported that Tether is supporting the research and development of a new industrial humanoid robot that will take on dangerous and physically demanding jobs in factories and logistics centers. Tether, along with AMD Ventures, an Italian state-backed artificial intelligence fund, and other investors, has raised €70 million in financing for Generative Bionics, a new spin-off of the Italian Institute of Technology.

6. Large language models

On December 2, Tether Data announced the launch of QVAC Fabric, a large language model framework, which enables users to execute, train, and personalize large language models directly on everyday hardware, including consumer GPUs, laptops, and even smartphones. Trained on a variety of GPUs, including Apple Silicon and mobile chips.

For details, please check out “Not only buying Juventus, but also making $15 billion a year Tether empire territory”

6. BlackRock CEO Larry Fink

BlackRock’s spot Bitcoin ETF (IBIT) continues to lead the way, firmly holding the top spot in the global Bitcoin spot ETF market throughout the year, ranking 23rd among all ETFs in the world at its peak. The latest total net asset value (AUM) is approximately $70.84 billion.

IBIT has successfully established its dominance in the field of combining crypto assets and traditional finance in 2025, and its performance is closely linked to the volatility of the Bitcoin market and the sentiment of institutional funds, showing the characteristics of “long-term gold absorption” and “short-term sharp fluctuations”.

For more information, check out BlackRock: Why IBIT Can Change the Bitcoin Investment Landscape? 》

7. ConsenSys CEO Joseph Lubin

1. MetaMask USD (mUSD) is launched

mUSD is issued by Bridge, a stablecoin issuance platform owned by Stripe, and minted through M0’s decentralized infrastructure. mUSD is deeply integrated into MetaMask’s wallet, providing users with a seamless, USD-denominated stablecoin experience for holding, spending, and trading in web3. Designed for composable cross-chain use through the M0 liquidity network, MetaMask USD sets a new standard for stablecoin utility in the MetaMask ecosystem, from dapps to DeFi and payments. mUSD is a neutral, highly liquid asset that enables seamless 1:1 fiat-to-crypto access for certain payment methods, unlocking a range of upcoming product integrations and user benefits.

For details, please refer to “MetaMask Enters the Stablecoin Track: Can mUSD Reshape the Stablecoin Market Pattern”

2. Led SharpLink’s $425 million private placement

On May 27, ConsenSys led a $425 million private placement of SharpLink. SharpLink will use the proceeds to purchase Ethereum (ETH) as the company’s main treasury reserve asset.

Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, said: "Upon completion of the transaction, Consensys looks forward to working with SharpLink to explore and develop Ethereum treasury strategies and serve as strategic advisors on its core business. This is an exciting time for the Ethereum community, and I am very excited to work with Rob and his team to bring Ethereum’s potential to the public capital markets. ”

For more information, please refer to “From Gaming Operators to ETH Micro Strategy: Understanding SharpLink’s Ethereum Treasury”

8. Former Binance CEO Changpeng Zhao

On October 22, Trump signed a pardon for CZ, which was disclosed to the public the next day.

White House press secretary Carolyn Levitt issued a statement saying, "The President exercised his constitutional authority to pardon Mr. CZ, who was indicted in the Biden administration’s war on cryptocurrencies. The Biden administration’s war on cryptocurrencies is over. Upon his release, Changpeng Zhao quickly expressed his gratitude to Trump, stating that he “will do everything in his power to help the United States become the cryptocurrency capital and advance Web3 on a global scale.” ”

For details, please check out “From Imprisonment to Presidential Amnesty, Changpeng Zhao Wants to Start a “Political Life””

9. Circle Co-Founder and CEO Jeremy Allaire

On June 5, Circle was officially listed on the New York Stock Exchange, and Circle triggered circuit breakers many times during the session, closing with an increase of 168.48% on the first day of listing at a price of $83.23, with a market capitalization of more than $18.5 billion at the close of the day, and continued to rise nearly 30% the next day. The listing of Circle has truly put stablecoins that were originally recognized by only a certain group of people into the “Hall of Elegance”, and have also won the favor of some Old money, making it one of the most successful IPOs in recent years.

Jeremy Allaire posted after Circle’s listing: Stablecoins may be the most practical form of currency in history, but the entire industry has not yet ushered in a key node similar to the “iPhone moment”. He pointed out that once the stablecoin industry enters this stage, developers will be able to unlock programmable digital dollars in the same way as programmable phones, which will unlock huge potential and bring a wide range of opportunities on the internet. He believes that this era may not be far away.

For details, please refer to the Golden Finance special “The far-reaching impact of the listing of the first stablecoin Circle on the industry”

10. Xiao Feng, director and chairman of the board of directors of HashKey

The Hong Kong Stock Exchange disclosed on December 1 that HashKey Holdings Limited has passed the hearing of the Hong Kong Stock Exchange and is about to IPO, with JPMorgan Chase and Cathay Haitong Guotai Junan International as joint sponsors. On December 17, HashKey Holdings Limited was officially listed on the Hong Kong Stock Exchange.

HashKey’s successful IPO under the leadership of Xiao Feng is an important milestone in the compliance development of Hong Kong’s cryptocurrency industry and a microcosm of global crypto companies embracing the mainstream capital market.

For details, please refer to “Xiao Feng: The Old System and the Great Revolution in the Crypto World: The New Coordinates of HashKey”