Readers of this newsletter are likely aware that Congress has been occupied with market structure legislation debates recently, yet crypto policy covers a broader spectrum, including taxes, decentralized finance regulations, the midterm election, and state-level issues. The upcoming CoinDesk Consensus Miamiconference next month will delve into these topics comprehensively. State of Crypto is a CoinDesk newsletter that examines the nexus between cryptocurrency and government. Click here to subscribe for future editions. Past editions of this newsletter have highlighted significant policy changes concerning digital assets. Last year, U.S. President Donald Trump signed the first major crypto-specific legislation. Regulators have shifted their enforcement strategies entirely. Recently, Congress has focused on detailed aspects like stablecoin yield treatment rather than debating the broad framework or existence of a market structure bill. In essence, crypto has firmly established its place in policy discussions. Although the industry celebrated electoral victories in 2024 and saw bitcoin’s value peak over $120,000 with imminent legislation last year, this year has been more challenging. Crypto prices have remained stagnant due to broader economic pressures, and time is dwindling for Congress to pass market structure legislation as currently proposed. However, there are positive signs: regulators are proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are contemplating U.S. crypto tax policy reforms, and the industry has solidified its position in a way that makes it impossible to ignore. Looking forward, the industry continues to seek tax reform, aiming for a minimum exemption for crypto transactions, hopes for the market structure bill’s passage without imposing excessive burdens, and anticipates November’s congressional elections. These topics will be central at Consensus Miami next month, our annual event uniting key figures in the field. Attendees will hear from prominent lawmakers like Senators Kirsten Gillibrand and Ashley Moody, regulators such as CFTC Chairman Mike Selig, and Patrick Witt of the White House’s crypto team. Congressman Steven Horsford (D-Nev.) will discuss his newly introduced version of the Parity Act aimed at addressing crypto taxation. A dedicated meetup for election discussions or policy landscape conversations is also planned. The Policy & Regulation Summit, returning for another year, promises a full day and stage to explore critical issues in depth. This summit aims to address pressing questions faced by lawmakers, regulators, compliance officers, and builders today, such as decentralized finance’s adherence to anti-money laundering regulations, tax handling in the new 1099-DA era, implications of the Clarity Act, and state-level approaches. Sessions will focus on the 2026 midterm election, including industry engagement and expectations for the incoming Congress. Participants will include key policymakers like SEC Crypto Task Force chief Taylor Lindman, former IRS officials Seth Wilks and Raj Mukherjee, and the National Futures Association’s Lucy Hynes. The Policy Summit—and indeed all of Consensus—will culminate in a debate on prediction markets: are they merely gambling or innovative financial instruments, and who should regulate them? These questions may soon reach the U.S. Supreme Court, but we’ll preview the arguments for you on May 7. Join us (discount code available via link) to participate. For feedback or discussion ideas for next week, email [email protected] or find me on Bluesky @nikhileshde.bsky.social. You can also join the group conversation on Telegram.