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. Supporting U.S.-based companies (letter grade: A-)Our letter emphasized that U.S.-based crypto companies need clear, durable rules of the road to compete globally. Crypto policy still oscillates between freedom-enabling instincts and reflexive containment driven by legitimate governmental concerns about illicit finance, tax evasion and national security. One year ago, becoming the crypto capital of the world felt purely aspirational.