As subscribers to this newsletter are aware, the US Congress has been debating market structure legislation for several months. However, crypto policy discussions encompass a broad range of issues, including taxes, decentralized finance regulations, the upcoming midterm election, and state-level developments. The Consensus Miami conference, scheduled for next month, 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. The conversations in Miami will focus on the significant policy changes surrounding digital assets.
Last year, US President Donald Trump signed the first substantial crypto-specific legislation, and regulators have since shifted their approach to enforcement actions. Congress has been debating the finer points of issues like stablecoin yield treatment, indicating that the crypto industry has gained recognition. In other words, cryptocurrency has become a established presence.
Although the industry experienced significant growth last year, with bitcoin's price soaring to over $120,000 and electoral wins in 2024, the current year has seen stagnant crypto prices amid broader economic stresses. Despite this, 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 is seeking 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.
The Consensus Miami conference will address these issues, featuring leading lawmakers such as Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig, and the White House point man on crypto, Patrick Witt. The conference will also include a meetup for discussing the election and the policy landscape. The Policy & Regulation Summit will be a key part of the conference, with an entire day dedicated to exploring key policy and regulatory issues in-depth.
The summit will examine questions such as whether decentralized finance can comply with anti-money laundering rules, how to deal with taxes in the new 1099-DA era, and what the Clarity Act entails. The conference will also feature sessions focused on the 2026 midterm election, including the crypto industry's engagement with the election and expectations for the new Congress. The event will conclude with a debate on prediction markets, addressing questions such as whether they constitute gambling or a novel financial instrument, and who should regulate these products. For feedback or suggestions on future topics, please email nik@coindesk.com or join the conversation on Telegram.