About a year ago, we published an open letter outlining practical, achievable steps an incoming administration could take to make the United States the crypto capital of the world, reflecting the views of the crypto law bar. The goal was not to promote crypto as an ideology, but to convey the perspective of lawyers working in the field on how thoughtful regulatory policy could unlock innovation and ensure that the next generation of financial and internet infrastructure would be built on American soil.

On the anniversary of that letter, as market structure legislation hangs on a knife's edge, it is worth taking stock. The last year has been unusually eventful for U.S. crypto policy, and in many respects, the pace and scope of progress have exceeded even our more hopeful predictions. This moment calls for a kind of report card—one that both recognizes meaningful achievements and identifies the work that remains if the U.S. is to sustain and build on its leadership.