Readers of this newsletter are likely aware that Congress has been debating market structure legislation over the past few months. However, the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxes, decentralized finance regulations, the upcoming midterm election, and more.
The Consensus Miami conference, set to take place next month, will delve into each of these issues in depth. This newsletter, State of Crypto, examines 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 important. Last year, U.S. President Donald Trump signed the first substantial crypto-specific legislation.
Regulators have also shifted their approach to enforcement actions. Recently, Congress has been debating the finer details of issues like stablecoin yield treatment, rather than the broader aspects of a potential market structure bill. In essence, cryptocurrency has become a established presence. 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 less favorable, with crypto prices remaining largely 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 have begun 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 has solidified its position to the point where it can no longer be dismissed. So, what's next? The industry continues to seek 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 next Congress will be elected. We will be exploring these topics further at Consensus Miami, our annual event that brings together key stakeholders.
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 policy landscape in general. Furthermore, we are reviving the Policy & Regulation Summit: an entire day and stage dedicated to in-depth exploration of key policy and regulatory issues. The policy summit is designed to address 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 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 merely a form of gambling, or a novel financial instrument? And who should regulate these products? These questions may eventually be addressed by the U.S.
Supreme Court, but we will 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 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.