As a regular reader of this newsletter, you may be aware that Congress has been debating market structure legislation for several months. However, the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxes, decentralized finance regulations, the upcoming midterm election, and state-level initiatives.
The Consensus Miami conference, scheduled to take place next month, will delve into each of these areas in depth. This newsletter, State of Crypto, examines the intersection of cryptocurrency and government. To stay informed about future developments, click here to subscribe. Conversations in Miami As we've 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 shifted their approach to enforcement actions. In recent months, Congress has been debating the finer points of issues like stablecoin yield treatment, rather than the broader outlines of a potential market structure bill.
In other words, cryptocurrency has officially arrived. This was already evident last year, when the crypto industry celebrated its electoral victories in 2024 and bitcoin's price soared to over $120,000, with legislation seemingly imminent. Although crypto prices have been stagnant this year amidst broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form, it's not all bad news.
Regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are 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 is still seeking tax reform, including a de minimis exemption for crypto transactions, hoping that the market structure bill will become law without overly burdening the industry, and looking ahead to November, when the U.S. will elect a new Congress. We'll be exploring these topics in more detail next month at Consensus Miami, our annual event that brings together key stakeholders from the industry.
You'll have the opportunity to hear from prominent lawmakers, including 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'll also host a meetup for those interested in discussing the election or the broader policy landscape.
Additionally, we're 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 most pressing questions facing lawmakers, regulators, compliance officers, and industry builders, including 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'll have a series of sessions focused on the 2026 midterm election, including the crypto industry's engagement with the election and what to expect next year when the new Congress takes office. Throughout the event, you'll 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'll conclude the Policy Summit, and Consensus as a whole, with a debate on one of the most significant topics in the country: prediction markets. Are they simply a form of gambling, or do they represent a novel financial instrument?
And who should regulate these products? These questions are likely to end up before the U.S. Supreme Court, but we'll be previewing the arguments for you on May 7.
Join us (use the discount code 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, 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!