A year after an open letter urging the United States to become a crypto capital, the United States has made significant progress on three priorities: supporting U.S. crypto companies (rating: A-), promoting crypto values such as openness (rating: B+), and fostering a business-friendly environment (rating: B). Key developments include market structure legislation, stablecoin rules, and the advancement of traditional finance (TradFi) integration, all aided by shifts in regulatory attitudes. However, challenges remain in finalizing legislation, protecting core values from rough regulation, and reducing regulatory fragmentation at the state level. The overall direction is positive, but continued efforts are needed to consolidate U.S. leadership.