As subscribers to this newsletter are likely aware, the US Congress has been debating market structure legislation for 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 elections, 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, sign up via this link.
Conversations in Miami As previously noted in this newsletter, significant policy changes surrounding digital assets have become increasingly important. Last year, US President Donald Trump signed the first substantial crypto-specific legislation, marking a major milestone.
Regulators have also shifted their approach to enforcement actions. While Congress has been debating the finer details of issues like stablecoin yield treatment, the broader implications of these discussions are substantial. In essence, the crypto industry has established itself as a major player. Although the industry experienced significant growth last year, with bitcoin's price soaring to over $120,000 and electoral wins in 2024, the current landscape is more challenging.
Crypto prices have been stagnant due to broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form. Nevertheless, regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, and lawmakers are considering reforms to US crypto tax policy. The industry has cemented its position to the point where it can no longer be dismissed. Looking ahead, 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.
The upcoming midterm elections in November will also be crucial. We will explore these topics in more depth at Consensus Miami, our annual event that brings together key stakeholders. The conference will feature leading lawmakers, including 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. Additionally, we will host a meetup for those interested in discussing the election and the broader policy landscape. The Policy & Regulation Summit will be a key part of the event, with an entire day dedicated to exploring key policy and regulatory issues in-depth.
The 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, the implications of the new 1099-DA era, and the status of the Clarity Act. We will also examine how states are approaching the crypto 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 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. The Policy Summit will conclude with a debate on one of the most significant topics in the country: prediction markets.
Are they a form of gambling, or a novel financial instrument? And who should regulate these products?
These questions are likely to be considered by the US Supreme Court, but we will preview the arguments on May 7. This week Tuesday If you have thoughts or questions about what to discuss next week or any other feedback, please email nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social. You can also join the group conversation on Telegram. Until next week