Readers of this newsletter are likely aware that Congress has been debating market structure legislation for months, but 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. CoinDesk's Consensus Miami conference will delve into each of these topics in depth next month. 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 in previous issues, significant policy changes surrounding digital assets have become increasingly prominent.
Last year, U.S. President Donald Trump signed the first substantial crypto-specific legislation, and regulators have since shifted their approach to enforcement actions. Recently, Congress has been debating the finer points of issues like stablecoin yield treatment, rather than the broader aspects of market structure bills. In essence, the crypto industry has established itself as a major player.
This was also true last year, when the crypto industry celebrated its electoral wins in 2024, and bitcoin's price soared to over $120,000, with legislation seeming imminent. However, this year has seen crypto prices stagnate amidst broader economic stresses, and time is 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 considering reforms to U.S. crypto tax policy, and the industry appears to have 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 U.S. will elect the next Congress.
These threads will be picked up next month 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 point man on crypto, Patrick Witt.
Congressional staffers will also participate in the three-day conference. Congressman Steven Horsford (D-Nev.), who recently introduced a new version of the Parity Act to address crypto taxation, will take part in a discussion about the bill.
A meetup for those interested in discussing the election or the broader policy landscape will also be hosted. We are also bringing back the Policy & Regulation Summit, a dedicated day and stage for exploring key policy and regulatory issues in-depth.
The policy summit is designed to address some of the most pressing questions facing lawmakers, regulators, compliance officers, and builders, including how decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, and how states are approaching this sector. A series of sessions will focus 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. Throughout the summit, 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.
The Policy Summit, and Consensus as a whole, will conclude with a debate on one of the most significant topics in the country: prediction markets. Are they simply a form of gambling, or do they represent a novel financial instrument?
And who should regulate these products? These questions may eventually be decided 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 to 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.