Miniaturized wirelessly powered implants capable of operating and communicating deep in the body are necessary for the next-generation of diagnostics and therapeutics. A major challenge in developing these minimally invasive implants is the tradeoff between device size, functionality, and operating depth. Here, we review two different wireless powering methods, inductive and ultrasonic power transfer, examine how to analyze their power transfer efficiency, and evaluate their potential for powering implantable medical devices. In particular, we show how ultrasonic wireless power transfer can address these challenges due to its safety, low attenuation, and millimeter wavelengths in the body. Finally, we demonstrate two ultrasonically powered implants capable of active power harvesting and bidirectional communication for closed-loop operation while functioning through multiple centimeters of tissue.