As subscribers to this newsletter are likely aware, the U.S. Congress has been engaged in discussions regarding 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 state-level initiatives. CoinDesk's Consensus Miami conference, scheduled to take place next month, will provide an in-depth examination of these issues.
This newsletter, State of Crypto, explores 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 prominent.
Last year, U.S. President Donald Trump signed the first substantial crypto-specific legislation, marking a notable shift. Regulators have also altered their approach to enforcement actions, and Congress has been debating the finer details of issues like stablecoin yield treatment. In essence, cryptocurrency has established itself as a major player.
This was evident last year, following the crypto industry's electoral victories in 2024, when bitcoin's price surged to over $120,000, and legislation seemed imminent. Although the situation has become somewhat less favorable this year, with crypto prices remaining stagnant amidst broader economic stresses and time running out for Congress to pass market structure legislation in its current form, it's not all negative. 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 is hoping 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.
We will be exploring these topics in more depth next month 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 person on crypto, Patrick Witt.
Congressional staffers will also be in attendance throughout the three-day conference. 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 broader policy landscape. Furthermore, we are reviving 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 that lawmakers, regulators, compliance officers, and industry builders must answer, including how decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, and the implications of the Clarity Act. We will also examine 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 office. 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 indeed Consensus as a whole, will conclude with a debate on one of the most significant topics in the country: prediction markets. Are they merely a form of gambling, or do they represent a novel financial instrument? And who should be responsible for regulating these products?
These questions are likely to eventually be considered by the U.S. Supreme Court, but we will preview the arguments for you on May 7. Please 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 you'd like to share, please don't hesitate to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social. You can also participate in the group conversation on Telegram.
Until next week!