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, 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 examines the intersection of cryptocurrency and government. To receive future editions, click here to sign up. Conversations in Miami We have previously noted the substantial policy changes surrounding digital assets. Last year, US President Donald Trump signed the first significant crypto-specific legislation, and regulators have since altered their approach to enforcement actions.
Congress has been debating the finer details of issues such as the treatment of stablecoin yield, rather than the broader aspects of a potential market structure bill. In essence, cryptocurrency has become a recognized entity. This was also true last year, when the crypto industry, fresh from its electoral wins in 2024, celebrated as the price of bitcoin soared to over $120,000 and legislation seemed imminent. This year, however, crypto prices have been largely stagnant due to broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form.
Despite this, regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are considering reforms to US crypto tax policy, and the industry has cemented its position 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.
The US will also elect a new Congress in November. We will be exploring these topics further at Consensus Miami, our annual event that brings together key figures from the industry. You will hear from prominent 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. Congressional staffers will also be in attendance 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. Additionally, we are bringing back the Policy & Regulation Summit, a dedicated day and stage for exploring key policy and regulatory issues in-depth.
The policy summit is designed to address some of the most pressing questions lawmakers, regulators, compliance officers, and industry builders are currently facing. These include whether decentralized finance can comply with anti-money laundering rules, how to deal with taxes in the new 1099-DA era, and what the Clarity Act entails. We will also examine how states are approaching this 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 over. Along the way, 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.
We will conclude the Policy Summit, and Consensus as a whole, with a debate on one of the most significant topics in the country: prediction markets. Are they merely a form of gambling, or are they a novel financial instrument? And who should regulate these products?
These questions are likely to be considered by the US Supreme Court, but we will preview the arguments for you on May 7. You can attend using a discount code found 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.