As subscribers to this newsletter are aware, Congress has been debating market structure legislation over the past few months. However, crypto policy discussions encompass a broader range of topics, including taxes, decentralized finance regulations, the midterm elections, and state-specific approaches. CoinDesk's upcoming Consensus Miami conference will delve into each of these issues in detail.
This newsletter, State of Crypto, explores the intersection of cryptocurrency and government. To receive future editions, click here to sign up.
The conversations in Miami will focus on the significant policy changes surrounding digital assets. Last year, U.S.
President Donald Trump signed the first substantial crypto-specific legislation, and regulators have since shifted their approach to enforcement actions. Congress has been debating the finer points of issues like stablecoin yield treatment. In essence, the crypto industry has gained recognition. This was evident last year when the industry celebrated its electoral wins in 2024, and bitcoin's price soared to over $120,000, with legislation seeming imminent.
Although crypto prices have been stagnant this year amidst broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form, there are positive developments. Regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are considering reforms to U.S.
crypto tax policy, and the industry has become too significant to be dismissed. Looking ahead, the industry is seeking 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.
The U.S. will also elect a new Congress in November. These threads will be explored in depth at Consensus Miami, which brings together leading lawmakers, regulators, and industry experts. The conference will feature discussions with Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig, and the White House's Patrick Witt.
Congressman Steven Horsford will participate in a discussion about the Parity Act, which addresses crypto taxation. The Policy & Regulation Summit will be a key part of the conference, with an entire day dedicated to exploring key policy and regulatory issues.
The summit will examine 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 what the Clarity Act means for the industry. There will also be sessions focused on the 2026 midterm election, including how the crypto industry is engaging with the election and what to expect next year when the new Congress takes over. The conference will feature a range of speakers, including SEC Crypto Task Force chief Taylor Lindman, former IRS officials Seth Wilks and Raj Mukherjee, and the National Futures Association's Lucy Hynes.
The Policy Summit will conclude with a debate on prediction markets, which are likely to be a major topic in the country. The debate will explore whether prediction markets are a form of gambling or a novel financial instrument and who should regulate them. To join the conversation, email nik@coindesk.com or find the author on Bluesky @nikhileshde.bsky.social. You can also join the group conversation on Telegram.