As this newsletter's readers are aware, the US Congress has been debating market structure legislation for several months, but the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxes, 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 the focus of State of Crypto, a CoinDesk newsletter. Click here to sign up for future editions.
Conversations in Miami As noted in this newsletter previously, significant policy changes surrounding 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. In recent months, Congress has been debating not only the broad outlines of a potential market structure bill but also the finer points of issues like the treatment of stablecoin yield. In other words, cryptocurrency has officially arrived.
This was true last year as well, when the crypto industry, fresh from its electoral victories in 2024, celebrated as the price of bitcoin soared to over $120,000 and legislation seemed imminent. However, this year has seen a slight downturn, with crypto prices remaining largely stagnant amidst broader economic stresses and time running out for Congress to pass market structure legislation in its current form. Despite this, it's not all bad news: regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are seriously considering reforms to US crypto tax policy, and the industry appears to have established itself 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, and hoping that the market structure bill will become law without overly burdening the industry.
Additionally, the industry is looking ahead to November, when the US will elect the next Congress. These threads will be picked up next month at Consensus Miami, our annual event that brings together virtually everyone in the industry. Attendees will hear from leading lawmakers such as 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 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 biggest questions that lawmakers, regulators, compliance officers, and builders must answer right now, including whether and how decentralized finance can comply with anti-money laundering rules, how to deal with taxes in the new 1099-DA era, what the Clarity Act entails, and how states are approaching this sector.
We will have an entire series of sessions focused on the 2026 midterm elections, including how the crypto industry is engaging with the election and what we can expect next year when the new Congress takes over. Along the way, we will hear from individuals deeply embedded 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 will close the Policy Summit – and Consensus as a whole – with a debate on one of the most significant topics in the country right now: prediction markets.
Are they simply a form of gambling, or are they a novel financial instrument? And who should regulate these products? These questions are likely to end up before the US Supreme Court, but we will preview the arguments for you on May 7. Come join us (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 you'd like to share, 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!