As subscribers to this newsletter are aware, Congress has been engaged in a heated debate over market structure legislation for the past few months. However, discussions around crypto policy encompass a much broader range of issues, including taxation, decentralized finance regulations, the upcoming midterm elections, and more. CoinDesk's Consensus Miami conference, scheduled to take place next month, will delve into each of these topics in detail. 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 in previous issues of this newsletter, significant policy changes surrounding digital assets have become increasingly prominent. Last year, U.S.
President Donald Trump signed the first substantial crypto-specific legislation, marking a pivotal moment for the industry. Regulators have also drastically altered their approach to enforcement actions, and Congress has been debating the finer points of issues such as stablecoin yield treatment. In essence, cryptocurrency has finally gained widespread recognition. Although this was also true last year, the crypto industry, fresh from its electoral victories in 2024, celebrated as the price of bitcoin soared to over $120,000, and legislation seemed imminent.
This year, however, the situation has become somewhat more complicated, with crypto prices remaining stagnant amidst broader economic pressures and time running out for Congress to pass market structure legislation in its current form. Despite these challenges, regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are seriously considering reforms to U.S. crypto tax policy, and the industry appears to have solidified its position to the point where it can no longer be dismissed. So, what's next?
The industry is still pushing for tax reform, including a de minimis exemption for crypto transactions, and hoping that the market structure bill will become law without overly burdening the industry. Additionally, the industry is looking ahead to November, when the U.S. will elect the next Congress. We will be exploring these topics in more depth next month at Consensus Miami, our annual event that brings together key players from 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 crypto point man, 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. Furthermore, we are bringing back the Policy & Regulation Summit: an entire day dedicated to exploring key policy and regulatory issues in-depth.
The policy summit is designed to tackle some of the most pressing questions facing lawmakers, regulators, compliance officers, and industry builders, including how decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, and how states are approaching this sector. We will have a series of sessions focused on the 2026 midterm elections, including how the crypto industry is engaging with the election and what to expect next year when the new Congress takes office. Throughout the conference, 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 merely a form of gambling, or do they represent a novel financial instrument?
And who should regulate these products? These questions are likely to end up before the U.S. Supreme Court, but we will preview the arguments for you on May 7.
Feel free to join us (discount code available in the link) and say hello. This week Tuesday If you have any thoughts or questions about what we should discuss next week or any other feedback you'd like to share, please don't hesitate 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.