As subscribers to this newsletter are aware, the US Congress has been debating market structure legislation for several months. However, crypto policy discussions encompass a wide range of issues beyond this, including taxes, decentralized finance regulations, the upcoming midterm election, and state-level developments. The Consensus Miami conference, scheduled for next month, will delve into each of these topics in depth.
The intersection of cryptocurrency and government is becoming increasingly important, with significant policy changes taking place around digital assets. Last year, the US President signed the first major crypto-specific legislation, and regulators have since shifted their approach to enforcement actions. Congress is currently debating the finer details of issues like stablecoin yield treatment. The crypto industry has made substantial progress, with the price of bitcoin soaring to over $120,000 last year.
Although the current year has seen stagnant crypto prices and broader economic stresses, regulators have begun proposing rules for stablecoin companies, and lawmakers are considering reforms to US crypto tax policy. The industry is 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 Consensus Miami conference will feature leading lawmakers, regulators, and Congressional staffers, including Senators Kirsten Gillibrand and Ashley Moody, CFTC Chairman Mike Selig, and White House point man on crypto Patrick Witt. The conference will also include a meetup for discussing the election and the policy landscape, as well as the Policy & Regulation Summit, which will explore key policy and regulatory issues in-depth.
The summit will examine questions such as 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. The conference will also feature sessions focused on the 2026 midterm election, including the crypto industry's engagement with the election and what to expect next year when the new Congress takes over. The event will culminate in a debate on prediction markets, discussing whether they are a form of gambling or a novel financial instrument, and who should regulate these products.
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