As subscribers to this newsletter are likely aware, Congress has been engaged in intense debates over market structure legislation in recent months. However, discussions around crypto policy encompass a vast array of issues, including taxation, decentralized finance regulations, the upcoming midterm elections, and the role of individual states, among many others. CoinDesk's Consensus Miami conference, scheduled to take place next month, will delve into each of these topics in considerable depth.
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Conversations in Miami This newsletter has previously noted the significance of policy changes related to digital assets. Last year, U.S. President Donald Trump signed the first substantial crypto-specific legislation, marking a significant milestone.
Regulators have also undergone a considerable shift in their approach to enforcement actions. In recent months, Congress has been debating not only the broad outlines of potential market structure legislation but also the finer details of issues such as the treatment of stablecoin yields. In essence, cryptocurrency has finally arrived. This was already true last year, to some extent.
Following its electoral victories in 2024, the crypto industry celebrated as the price of bitcoin soared to over $120,000, and legislation seemed imminent. However, the situation has become somewhat more challenging this year, with crypto prices largely stagnant amidst broader economic stresses and time running out for Congress to pass market structure legislation in its current form. Despite this, there are positive developments: regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are seriously considering reforms to U.S.
crypto tax policy, and the industry appears to have cemented 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. We will be exploring these topics in more depth next month at Consensus Miami, our annual gathering that brings together virtually everyone in the industry.
You will have the opportunity to hear from 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, as well as Congressional staffers 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 individuals interested in discussing the election or the policy landscape in general.
Furthermore, we are bringing back the Policy & Regulation Summit: an entire day and stage dedicated to 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 whether and how decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, the implications of the Clarity Act, and how states are approaching this sector. We will have a series of sessions focused on the 2026 midterm elections, including how the crypto industry is engaging with the election and what we can expect next year when the new Congress takes office.
Along the way, 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. We will conclude the Policy Summit, and indeed Consensus as a whole, 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 (a discount code can be found in the link) and say hello. This week Tuesday If you have thoughts or questions about what I should discuss next week or any other feedback you would like to share, please 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!