As this newsletter's readers may be aware, the US Congress has been debating legislation on market structure over the past few months. However, crypto policy discussions encompass a broader range of issues, including taxes, regulations on decentralized finance, the upcoming midterm election, and much more. Next month, CoinDesk's Consensus Miami conference will delve into each of these topics in detail. The intersection of cryptocurrency and government is a key focus of this newsletter, State of Crypto.
To stay updated, click here to sign up for future editions. Conversations in Miami will center around significant policy changes in the digital asset space. Last year, US President Donald Trump signed the first major 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 essence, the crypto industry has arrived. Although the industry experienced significant growth last year, with bitcoin's price soaring to over $120,000 and imminent legislation, this year has seen a slowdown in crypto prices amid broader economic stresses.
Despite this, regulators have proposed rules for stablecoin companies based on the GENIUS Act, and lawmakers are considering reforms to US crypto tax policy. The industry has become too significant to be dismissed. The next steps for the industry include seeking tax reform, such as a de minimis exemption for crypto transactions, and hoping that the market structure bill will become law without overly burdening the industry. The US will also elect a new Congress in November.
These topics will be discussed in depth at Consensus Miami, which will bring together leading lawmakers, regulators, and industry experts. The conference will feature speakers such as Senators Kirsten Gillibrand and Ashley Moody, CFTC Chairman Mike Selig, and White House crypto point man Patrick Witt.
The Policy & Regulation Summit will be a key part of the conference, with an entire day dedicated to exploring key policy and regulatory issues. The summit will examine questions such as 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. Sessions will also focus on the 2026 midterm election, including the crypto industry's engagement with the election and what to expect from the new Congress.
The summit will conclude with a debate on prediction markets, which are likely to be a major topic in the US Supreme Court. The debate will explore whether prediction markets are a form of gambling or a novel financial instrument, and who should regulate them. This week, feel free to email nik@coindesk.com or join the group conversation on Telegram with any thoughts or feedback.