As this newsletter's readers may be aware, the US Congress has spent the past few months debating legislation on market structure, 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 state-level developments. Next month, CoinDesk's Consensus Miami conference will delve into each of these topics in greater detail. The intersection of cryptocurrency and government is becoming increasingly significant, with major policy changes taking place. Last year, the US President signed the first substantial crypto-specific legislation, and regulators have since shifted their approach to enforcement actions.

Congress is currently debating the finer points of issues like stablecoin yield treatment. In essence, the crypto industry has established itself as a major player. Although crypto prices have been stagnant this year due to broader economic stresses, and time is running out for Congress to pass market structure legislation, there are still positive developments. Regulators are proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are considering reforms to US crypto tax policy, and the industry appears to have cemented its position.

The industry is still seeking tax reform, including a de minimis exemption for crypto transactions, and is hoping that the market structure bill will become law without overly burdening the industry. The upcoming Consensus Miami conference will bring together leading lawmakers, regulators, and industry experts to discuss these topics.

The conference will feature a Policy & Regulation Summit, which will explore key policy and regulatory issues, including decentralized finance compliance with anti-money laundering rules, taxes in the new 1099-DA era, and the Clarity Act. The summit will also include sessions focused on the 2026 midterm election and its potential impact on the crypto industry.

The conference will conclude with a debate on prediction markets, which are likely to be a major topic in the US Supreme Court.