Reflecting on 2025: A Note from DEF’s Executive Director

As we approach the end of the year, I wanted to provide a brief lookback on 2025, tell you what is coming in 2026, and take the opportunity to thank our friends, supporters, and those advocating for DeFi technology and software. 

2025 was filled with many memorable and significant moments. We list some of our wins in DEF’s 2025 policy recap here, but I also wanted to share some of what I’m personally the most proud of from 2025. From leading the largest coalition in crypto (committed to ensuring protections for software developers are in the market structure bill Congress continues to work on) to working directly with lawmakers and policymakers to help them better understand the nuances of DeFi technology, DEF has been busy. We met with 50+ Congressional offices, worked on 20+ draft bills, engaged on 20+ regulatory submissions and requests for information, published 50+ blog posts and articles, and wrote 6 amicus briefs. From Congress to the courts, we showed up for DeFi technology and developers wherever we could.

Looking ahead to 2026, my guess is that we will continue to engage with Congress on market structure legislation and also see multiple agency rulemakings, so DEF is preparing across four key areas in the new year: 

* LEGISLATION — I expect digital asset market structure conversations to continue, and DEF will continue to be a resource for Congressional offices interested in learning about DeFi and working on bills that implicate DeFi technology. As always, we will hold the line on DeFi being treated appropriately as neutral technology and infrastructure built to operate without intermediaries. 

* RULEMAKING — We are likely to see rulemaking from the SEC, CFTC, Department of Treasury, and other federal regulators, particularly related to the GENIUS Act and in contemplation of tokenized securities. We will submit comment and coalition letters with ideas, feedback, and proposals, always advocating for builders and technology to be treated appropriately and to have guidance and permission to innovate. 

* LEGAL PREPAREDNESS — As rules are made and implemented, we may see traditional financial institutions take positions adverse to the industry, such as those in Citadel’s recent letter to the SEC. If this happens or they choose to sue in response to a rulemaking, for example, DEF will defend DeFi and software developers where appropriate. 

* EDUCATION — As the policy conversations around DeFi grow and more people engage with topics such as control, custody, and financial privacy, we expect there will be even greater demand for high-quality educational resources about DeFi. The DEF team is committed to building out our content and programming, maintaining our weekly policy newsletter The DeFi Debrief, and doing as many live demos as we can so that we can be a trusted resource for those looking to learn. 

None of this work would be possible without the DEF team, our incredible Boards of Directors, and our coalition partners across crypto and DeFi who engage with us regularly. In the spring, I had the great privilege of stepping in to lead DEF after DEF’s former CEO, Miller Whitehouse-Levine, left to do important policy work at Solana Policy Institute. Miller built DEF’s reputation and expertise into what it is today and we are lucky we continue to benefit from his guidance as a DEF Board member. Taking over as Executive Director was a new challenge for me, but it was made easier by having the support of DEF’s team and Boards; I am lucky to work with some of the most brilliant and passionate people in crypto, all of whom are deeply committed to protecting DeFi innovation. While the DEF team has changed over the year, we were lucky to find new talent who are just as committed to continuing high-impact work in service of our mission: to educate about DeFi technology and advocate for sound DeFi policy. I feel grateful for the extended DEF family every day.

Thank you for your partnership and support. To quote board member Jake Chervinsky: I, and the entire DEF team, take DeFi personally. It’s an honor to do this work, and we cannot wait to see what 2026 will bring. 

Wishing you and yours a very happy holiday season!

Amanda