As subscribers to this newsletter are aware, the US Congress has been engaged in debates over market structure legislation for several months. However, discussions around crypto policy encompass a wide range of issues, including taxation, regulations for decentralized finance, the upcoming midterm elections, and more.
CoinDesk's Consensus Miami conference will delve into these topics in depth. 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 significant policy changes affecting digital assets. Last year, the US President signed the first substantial crypto-specific legislation, and regulators have since altered their enforcement approach.
Congress has been debating the finer details of issues like stablecoin yield treatment. In essence, the crypto industry has become a major player. Although the industry experienced a surge in 2024, with bitcoin's price soaring and legislation appearing imminent, the current year has seen stagnant crypto prices and time running out for Congress to pass market structure legislation.
Nevertheless, regulators have proposed rules for stablecoin companies, lawmakers are considering reforms to US crypto tax policy, and the industry has solidified its position. The next steps for the industry include seeking tax reform, hoping for the market structure bill to become law without overburdening the industry, and looking ahead to the November elections.
Consensus Miami will bring together leading lawmakers, regulators, and industry experts to discuss these topics. The conference will feature a Policy and Regulation Summit, exploring key policy and regulatory issues, including decentralized finance compliance with anti-money laundering rules, taxes in the new 1099-DA era, and the Clarity Act.
Sessions will also focus on the 2026 midterm election and the crypto industry's engagement with it. The summit will conclude with a debate on prediction markets, discussing whether they are a form of gambling or a novel financial instrument, and who should regulate them. These questions may eventually be addressed by the US Supreme Court, but Consensus Miami will provide a preview of the arguments.