Readers of this newsletter are likely aware that Congress has been debating market structure legislation for the past few months. However, discussions around crypto policy encompass a wide range of issues beyond this, including taxes, regulations for decentralized finance, the upcoming midterm election, and more.
Next month, CoinDesk's Consensus Miami conference 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. Conversations in Miami As noted previously, significant policy changes surrounding digital assets have become increasingly important. Last year, U.S.
President Donald Trump signed the first substantial crypto-specific legislation, and regulators have since altered their approach to enforcement actions. Congress has been debating the finer points of issues like stablecoin yield treatment, rather than the broader aspects of market structure bills or their potential passage.
In essence, cryptocurrency has become a recognized entity. This was also true last year, when the crypto industry celebrated its electoral wins in 2024 and the price of bitcoin soared to over $120,000, with legislation appearing imminent. This year, however, has seen crypto prices stagnate amid broader economic stresses, and time is 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 the GENIUS Act, lawmakers are considering reforms to U.S.
crypto tax policy, and the industry has solidified its position to the point where it can no longer be dismissed. So, what's next? The industry continues to advocate for 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 a new Congress. We will explore these topics further at Consensus Miami, our annual event that brings together key stakeholders.
The conference will feature leading lawmakers such as Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig and the White House's Patrick Witt, as well as Congressional staffers over the course of three days. Congressman Steven Horsford, 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 in-depth exploration of key policy and regulatory issues.
The summit aims to address significant questions that lawmakers, regulators, compliance officers, and industry builders must answer, including how decentralized finance can comply with anti-money laundering rules, tax implications in the new 1099-DA era, the implications of the Clarity Act, and 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 expectations for the new Congress.
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 Consensus as a whole, will conclude with a debate on one of the most pressing topics in the country: prediction markets.
Are they merely a form of gambling, or do they represent a novel financial instrument? And who should regulate these products?
These questions are likely to be considered by the U.S. Supreme Court, but we will preview the arguments for you on May 7. Feel free to join us (discount code available) and say hello.
This week Tuesday If you have thoughts or questions about what to discuss next week or any other feedback, please email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social. You can also join the conversation on Telegram. See you all next week.