As subscribers to this newsletter are likely aware, the US Congress has been engaged in intense debates over market structure legislation for the past few months. However, crypto policy discussions encompass a wide range of issues beyond this, including taxation, decentralized finance regulations, the upcoming midterm elections, and state-level approaches to the sector. CoinDesk's Consensus Miami conference, scheduled to take place next month, will delve into each of these topics in depth. This newsletter, State of Crypto, explores the intersection of cryptocurrency and government.
To receive future editions, click here to sign up. Conversations in Miami As noted previously, significant policy shifts surrounding digital assets have become increasingly prominent. Last year, US President Donald Trump signed the first substantial crypto-specific legislation, marking a notable turning point.
Regulators have also completely revamped their approach to enforcement actions. Recently, Congress has been debating the finer points of issues like stablecoin yield treatment, rather than just the broad outlines of a potential market structure bill. In essence, the crypto industry has established itself as a major player.
Although the industry took a victory lap last year, following electoral wins in 2024 and a surge in bitcoin's price to over $120,000, the current year has seen crypto prices stagnate amidst broader economic pressures. Furthermore, time is running out for Congress to pass market structure legislation in its current form. Nevertheless, regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are considering reforms to US crypto tax policy, and the industry appears to have cemented its position to the point where it can no longer be dismissed. So, what's next?
The industry continues to push for tax reform, including a de minimis exemption for crypto transactions, and hopes that the market structure bill will become law without overly burdening the industry. Additionally, the industry is looking ahead to November, when the US will elect a new Congress. These threads will be picked up next month at Consensus Miami, our annual event that brings together key stakeholders from across the industry.
The conference will feature leading lawmakers, such as Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig and the White House's point man on crypto, Patrick Witt, as well as Congressional staffers, over the course of three days. Congressman Steven Horsford (D-Nev.), who recently introduced a new version of the Parity Act to address crypto taxation, will participate in a discussion about the bill. We will also host a meetup for those interested in discussing the election or the broader policy landscape.
We are also bringing back the Policy & Regulation Summit: an entire day and stage dedicated to exploring key policy and regulatory issues in-depth. The policy summit is designed to address some of the most pressing questions facing lawmakers, regulators, compliance officers, and industry builders, including whether decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, the implications of the Clarity Act, and how states are approaching this sector. We will have a series of sessions focused on the 2026 midterm election, including the crypto industry's engagement with the election and what to expect next year when the new Congress takes office. Throughout the event, we will hear from individuals deeply involved in the policymaking process, such as SEC Crypto Task Force chief Taylor Lindman, former IRS officials Seth Wilks and Raj Mukherjee, and the National Futures Association's Lucy Hynes, among many others.
We will conclude the Policy Summit, and Consensus as a whole, with a debate on one of the most significant topics in the country: prediction markets. Are they simply a form of gambling, or do they represent a novel financial instrument? And who should regulate these products? These questions are likely to be considered by the US Supreme Court, but we will preview the arguments for you on May 7.
Come join us (discount code in the link) and say hello. This week Tuesday If you have thoughts or questions about what I should discuss next week or any other feedback, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social. You can also join the group conversation on Telegram.
See you all next week