As this newsletter's readers are likely aware, Congress has been engaged in intense debates over market structure legislation in recent months. However, the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxation, decentralized finance regulations, the upcoming midterm elections, and more. Next month, CoinDesk's Consensus Miami conference will delve into each of these issues in detail. The intersection of cryptocurrency and government is a key focus of this newsletter, State of Crypto.
To stay informed about future developments, click here to subscribe. Conversations in Miami This newsletter has previously highlighted the significance of policy changes related to digital assets.
Last year, U.S. President Donald Trump signed the first major crypto-specific legislation, marking a significant shift. Regulators have also altered their approach to enforcement actions.
In recent months, Congress has been debating not only the broad outlines of potential market structure legislation but also the finer details of issues like stablecoin yield treatment. In other words, cryptocurrency has finally gained widespread recognition.
While this was also true last year, the crypto industry has experienced a slight downturn this year due to stagnant prices and broader economic pressures, with time running out for Congress to pass market structure legislation in its current form. Nevertheless, regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are considering reforms to U.S. crypto tax policy, and the industry has become too established to be dismissed. So, what's next?
The industry is still seeking 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. Additionally, the industry is looking ahead to the November elections, when the next Congress will be chosen. These threads will be picked up next month at Consensus Miami, our annual event that brings together virtually everyone 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 Patrick Witt, and Congressional staffers over the course of three days. 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.
Furthermore, we are bringing back the Policy & Regulation Summit: an entire day and stage dedicated to 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 builders, including whether and 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 the crypto sector. We will have a series of sessions focused on the 2026 midterm elections, including how the crypto industry is engaging with the election and what to expect next year when the new Congress takes office. 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.
The Policy Summit, and Consensus as a whole, will conclude with a debate on one of the country's most significant topics: prediction markets. Are they simply a form of gambling, or do they represent a novel financial instrument?
And who should be responsible for regulating these products? These questions are likely to eventually be decided by the U.S. Supreme Court, but we will preview 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 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.