As subscribers to this newsletter are aware, Congress has been engaged in debates over market structure legislation in recent months. However, discussions around crypto policy encompass a wide range of issues beyond this, including taxation, regulations on decentralized finance, the upcoming midterm elections, and more.
The Consensus Miami conference, hosted by CoinDesk 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 We've previously noted the significance of policy shifts related to digital assets. Last year, U.S. President Donald Trump signed the first major legislation specifically targeting crypto.
Regulators have also altered their approach to enforcement actions. The current debates in Congress are focused on the finer points of issues like stablecoin yield treatment, rather than the broader outlines of potential market structure bills. In essence, cryptocurrency has become a mainstream concern.
This was also true last year, when the crypto industry celebrated its electoral victories in 2024 and the price of bitcoin soared to over $120,000, with legislation seeming imminent. This year, however, the situation has become somewhat more complicated, with crypto prices stagnant amidst broader economic stresses and time running out for Congress to pass market structure legislation in its current form.
Despite this, there are positive developments: regulators are proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are considering reforms to U.S. crypto tax policy, and the industry appears to have established itself to the point where it can no longer be ignored. So, what's next? The industry continues to seek tax reforms, including a de minimis exemption for crypto transactions, and hopes that the market structure bill will become law without overly burdening the industry.
Of course, there's also the upcoming November election, when the U.S. will choose its next Congress. We'll be exploring these topics further at Consensus Miami, our annual event that brings together key figures 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 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'll also host a meetup for those interested in discussing the election or the broader policy landscape. Additionally, we're bringing back the Policy & Regulation Summit: a full day and stage dedicated to in-depth exploration of key policy and regulatory issues.
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, the implications of the Clarity Act, and how states are approaching this sector. We'll 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 summit, we'll 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'll conclude the Policy Summit, and Consensus as a whole, with a debate on one of the most significant topics in the country right now: prediction markets.
Are they merely a form of gambling, or 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'll preview the arguments for you on May 7. Join us (discount code available) and say hello. This week Tuesday If you have thoughts or questions about what we 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.