As subscribers to this newsletter are aware, the US Congress has been debating market structure legislation for the past few months, but the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxation, decentralized finance regulations, the upcoming midterm elections, and more. CoinDesk's Consensus Miami conference, scheduled for next month, will delve into each of these issues in depth. This newsletter, State of Crypto, examines the intersection of cryptocurrency and government; to sign up for future editions, click here. In recent months, significant policy changes have been made regarding 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 crypto has become a mainstream concern. Although 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, there are positive developments: regulators are proposing rules for stablecoin companies based on last year's 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 the market structure bill will become law without overly burdening the industry.
The US will elect a new Congress in November, which will also have a significant impact on the industry. At Consensus Miami, we will be exploring these topics in depth. 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 point man on crypto, Patrick Witt. We will also host a meetup for those interested in discussing the election and the policy landscape.
The Policy & Regulation Summit, a dedicated stage and day, will examine key policy and regulatory issues, including whether decentralized finance can comply with anti-money laundering rules and how states are approaching the sector. We will have a series of sessions focused on the 2026 midterm election, including how the crypto industry is engaging with the election and what to expect next year when the new Congress takes over.
The summit will feature experts deeply embedded in the policymaking process, such as SEC Crypto Task Force chief Taylor Lindman and former IRS officials Seth Wilks and Raj Mukherjee. The Policy Summit will conclude with a debate on one of the biggest 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 may eventually be decided by the US Supreme Court, but we will preview the arguments at Consensus. For feedback or suggestions on future topics, email nik@coindesk.com or join the conversation on Telegram.