As subscribers to this newsletter are aware, the US Congress has been engaged in discussions on 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 taxation, regulations for decentralized finance, the upcoming midterm elections, and more. CoinDesk's Consensus Miami conference will delve into each of these topics in detail.
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 noted previously, significant policy changes have been occurring in the realm of digital assets.
Last year, US President Donald Trump signed the first substantial crypto-specific legislation, and regulatory bodies have drastically altered their enforcement approaches. Congress has been debating the finer points of issues like stablecoin yield treatment, rather than the broad outlines of a potential market structure bill. In essence, cryptocurrency has established itself as a significant player. This was also true last year, when the crypto industry, fresh from its electoral victories in 2024, celebrated as bitcoin's price soared to over $120,000 and legislation seemed imminent.
However, the situation has become somewhat more challenging this year, with crypto prices largely stagnant due to broader economic stresses and time running out for Congress to pass market structure legislation in its current form. Despite this, regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are seriously considering reforms to US crypto tax policy, and the industry has cemented its position to the point where it can no longer be dismissed.
So, what's next? The industry is still seeking 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 US will elect the next Congress.
We will be exploring these topics further 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 policy landscape in general. Furthermore, we are reviving the Policy & Regulation Summit: an entire day and stage dedicated to exploring key policy and regulatory issues in-depth.
The policy summit is designed to address some of the most pressing questions that lawmakers, regulators, compliance officers, and builders must answer, including how decentralized finance can comply with anti-money laundering rules, how to deal with 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 how the crypto industry is engaging with the election and what to expect next year when the new Congress takes over.
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 are they a novel financial instrument? And who should regulate these products? These questions are likely to be addressed by the US Supreme Court, but we will preview the arguments for you on May 7.
Join us (use the discount code in the link) 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.