As subscribers to this newsletter are aware, the US Congress has been debating market structure legislation over the past few months. However, discussions around crypto policy encompass a wide range of issues beyond this, including taxes, decentralized finance regulations, the upcoming midterm elections, and more.
CoinDesk's Consensus Miami conference will delve into each of these topics in depth. This newsletter, State of Crypto, explores the intersection of cryptocurrency and government.
To receive future editions, click here to sign up. The conversations in Miami will be significant, as policy changes around 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 details of issues like stablecoin yield treatment.
In essence, the crypto industry has gained recognition. Although the industry experienced a surge in 2024, with bitcoin prices soaring and legislation seemingly imminent, the current year has seen crypto prices stagnate amidst broader economic stresses, and time is running out for Congress to pass market structure legislation.
Nevertheless, regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are considering reforms to US crypto tax policy, and the industry has established itself as a permanent fixture. The industry continues to seek 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. The US will also elect a new Congress in November. These topics will be discussed at Consensus Miami, which will feature leading lawmakers, regulators, and Congressional staffers.
The conference will include a Policy & Regulation Summit, dedicated to exploring key policy and regulatory issues, such as decentralized finance compliance with anti-money laundering rules, taxes in the new 1099-DA era, and the Clarity Act. Sessions will also focus on the 2026 midterm election and the crypto industry's engagement with it.
The summit will conclude with a debate on prediction markets, addressing questions about their nature and regulation. These questions may eventually be decided by the US Supreme Court, but Consensus Miami will provide a preview of the arguments.