As this newsletter's readers may know, the US Congress has been debating market structure legislation for the past few months. However, crypto policy discussions encompass a broader range of issues, including taxes, decentralized finance regulations, the upcoming midterm election, and state-level approaches. CoinDesk's Consensus Miami conference will delve into each of these topics in detail. 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 important. 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.
In other words, cryptocurrency has become a mainstream player. Although this was also true last year, the crypto industry took a victory lap after its electoral wins in 2024, with bitcoin's price soaring to over $120,000 and legislation seemingly imminent. This year, however, crypto prices have been largely stagnant due to broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form. Despite this, regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are considering reforms to US crypto tax policy, and the industry has cemented its presence to the point where it can no longer be dismissed.
So, what's next? The industry is still seeking tax reform, including a de minimis exemption for crypto transactions, and hoping the market structure bill will become law without overly burdening the industry. It is also looking ahead to November, when the US will elect the next Congress. We will be exploring these topics in more depth at Consensus Miami, our annual event that brings together key players in the industry.
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 crypto point man, Patrick Witt, as well as Congressional staffers. 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 policy landscape in general.
Additionally, we are bringing back 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 biggest questions lawmakers, regulators, compliance officers, and builders are currently facing, including how 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.
We will also examine how states are approaching this sector. The summit will include 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. Throughout the event, 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 Consensus as a whole, 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 addressed by the US Supreme Court, but we will preview the arguments for you on May 7. 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, 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.