As a regular reader of this newsletter, you may be aware that Congress has been engaged in 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 election, and state-specific approaches.
CoinDesk's Consensus Miami conference, scheduled for next month, will delve into each of these topics in detail. This newsletter, State of Crypto, focuses on the intersection of cryptocurrency and government.
To receive future editions, click here to sign up. Conversations in Miami As previously noted in 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 shift in regulators' approach to enforcement actions. Congress has been debating the finer points of issues like stablecoin yield treatment, indicating that crypto has become a mainstream topic. In other words, the crypto industry has established itself as a major player.
Although the industry experienced significant growth last year, with bitcoin's price soaring to over $120,000 and the prospect of imminent legislation, this year has seen a slowdown in crypto prices amid broader economic stresses. Despite this, regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, and lawmakers are considering reforms to U.S. crypto tax policy. The industry is seeking tax reform, including a de minimis exemption for crypto transactions, and is hoping that the market structure bill will become law without overly burdening the industry.
The next steps for the industry will be discussed at Consensus Miami, which will bring together leading lawmakers, regulators, and industry experts. Speakers will include Senators Kirsten Gillibrand and Ashley Moody, CFTC Chairman Mike Selig, and White House point man on crypto Patrick Witt. The conference will also feature a meetup for those interested in discussing the election and the policy landscape.
The Policy & Regulation Summit will be held as part of the conference, with an entire day dedicated to exploring key policy and regulatory issues. The summit will address questions such as whether decentralized finance can comply with anti-money laundering rules, how to deal with taxes in the new 1099-DA era, and how states are approaching the crypto sector. The conference will also feature 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 over.
The Policy Summit will conclude with a debate on prediction markets, one of the biggest topics in the country, and whether they constitute gambling or a novel financial instrument. This week Tuesday If you have thoughts or questions on what to discuss next week or any other feedback, feel free to email nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.
You can also join the group conversation on Telegram. See you next week.